New MoneyGram Survey Reveals Strong Remittance Consumer Sentiment, Driven by Needs Abroad and Digital Adoption
Approximately 83% of respondents reported an increase in the financial needs of family and friends abroad this year, marking the second consecutive year of this upsurge. The survey found that consumers primarily are sending money cross-border to cover the cost of essential needs for loved ones. Nearly three-quarters (73%) reported that those abroad have needed more money for food this year, followed by healthcare (59%) and housing (54%). According to the results, the healthcare needs of loved ones abroad increased in the past year, jumping to the second most important factor impacting decisions to transfer funds. When asked who respondents were sending to this year, the top recipients were siblings (42%), friends (40%) and moms (28%).
"These results underscore our customers' resilience and determination to support family and friends in times of need, as well as the importance of our essential services in providing critical lifelines," said
The results also tap into a major shift to digital in cross-border money transfers, with 63% of respondents indicating that they've used more apps and digital tools this year than in previous years.
"The pandemic helped accelerate a major digital shift in 2020, and that momentum has clearly continued throughout this year," Holmes continued. "Consumers are increasingly valuing our digital-first strategy, and we are continuing to invest in product innovation to further address the evolving needs of consumers. In the coming year, you will see us go deeper and wider in our direct-to-consumer digital offerings."
After launching a number of partnerships focused on digital assets and crypto currencies this past year,
"Today, most individuals are not looking to move crypto as much as they're looking to hold crypto.
This poll was conducted
The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, its global retail network and its emerging embedded finance business for enterprise customers,
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