LONDON, Oct. 22, 2020 /PRNewswire-PRWeb/ -- The COVID-19 pandemic is accelerating the shift from cash to digital money worldwide, the impacts of which are directly evident in India, where Statista estimates that 1 in 10 people now exclusively make online payments. The surge in digital and contactless payments has boosted Paysend's usage in the world's second most populous country. Today, the global payments provider confirms that the societal shift to digital transactions extends to peer-to-peer payments, as money transfers sent to Indian accounts via Paysend's end-to-end payment platform have more than doubled year-over-year.
Moreover, the dollar amount that is being transferred via Paysend during COVID-19 is over 2 times higher compared to the same time period in 2019. The growth in the Indian market has fuelled Paysend's worldwide usage spike during the pandemic, having seen its customer base increase by over 1 million since the beginning of March.
"During the pandemic, people all over the world have had less access to tradition money transfer services that require in-person transactions due to lockdown restrictions," said Paysend CEO, Ronnie Millar. "And with cash usage plummeting, digital solutions are needed to fill the void left by physical money, and help people manage their finances safely and easily. Paysend now helps nearly 2.5 million people send money internationally from the safety of their homes to countries such as India."
India has traditionally been an economy reliant on cash for peer-to-peer transactions, but the development of digital financial infrastructure, as well as nearly 700 million people from India owning smartphones, has created a foundation where digital financial services can flourish. India's shift to digital money mirrors many other countries around the world.
"For emerging economies like India, Nigeria and Malaysia, speed and affordability are absolutely key, and digital money offers a much-needed alternative high fees and slow transfer speeds of banks," Millar added. "Speed is critical for those that send international money transfers and remittances to support loved ones based in these countries. With Paysend's near-instant transfers, there's now an affordable, safe and accessible way to send money to India from 90+ other countries."
About Paysend
Paysend is a global Fintech company born in 2017, based in UK and regulated by the FCA. Servicing over 2.5 million customers in 50+ countries and multiple currencies, Paysend enables instant cross-border transfers, card processing and merchant acquiring as well as local payments in a way which is simple, smart and secure.
As a global end-to-end payment platform Paysend has its own global network of banks, international and local payment systems, and has partnerships with the major international card networks Visa, Mastercard and China Union Pay as a principal member and certified processor. Paysend recently opened its US operations and secured a partnership with Alipay in order to grow its global footprint.
Paysend is money for the future. Visit http://www.paysend.com for more information.
SOURCE Paysend
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