The new survey conducted by MoneyGram showcased new trends and growth drivers in the global payments industry, as well as remittance preferences of US customers
US-based payments and money transfer company MoneyGram has collaborated with 8 Acre Perspective on a survey of US consumers who sent money abroad over the course of the past year.
The study found that over 85% of respondents across all age groups mainly use digital methods to send money abroad such as money transfer apps, particularly favoured by younger generations, primarily Gen Z and Millennials. Almost half of the respondents have increased the volume of digital transfers lately.
The research that explores emerging patterns and anticipated catalysts for expansion in the worldwide payments sector surveyed 1,000 customers in the US to discover that:
- over 75% of respondents expect to transfer the same or a higher amount in 2023;
- 42% of respondents expect that, in case of an economic decline, they will increase the remittance amounts they send, since they’ll need to help ease the financial burden of their friends or family;
- 63% of those surveyed continuously send funds abroad to offer support;
- 52% explained that they send funds from time to time to help during an unexpected situation;
- half of the respondents have witnessed the needs of their loved ones increased, while 44% stated that their requirements remain unchanged.
As all age groups showed the preference for digital money transfer platforms, surprisingly the interest in seeing blockchain technology leveraged in the money transfer space was also present in respondents of all ages.
