- MoneyGram, a well-known provider of cross-border payment services, has announced the results of a survey exploring trends in the payments sector.
- Over 70% of people confirmed that their loved ones abroad needed additional money for food across the year of 2021.
- “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 a senior MoneyGram figure.
MoneyGram, a leading provider of cross-border payments, has shared some of the results of its survey into payment trends.
It carried out a survey looking at how consumers felt about major aspects of the money transfer process.
One finding revealed that just over 80% of respondents intended to send at least the same amount of cash in 2022 as they did in 2021.
A similar proportion said that their loved ones abroad had reported an uptick in their “financial needs”.
Over 70% of people that answered the survey said their loved ones overseas required more cash to pay for food in 2021 than in previous years.
Other common costs that people found required more spending power included housing – for which over half of respondents said they’d seen a surge in demand for cash – and healthcare.
In a further interesting finding, the study revealed that over 80% of people that had purchased or liquidated cryptocurrencies in 2021 had done so for investment reasons.
In a statement, the chairman and chief executive officer of MoneyGram said that the findings demonstrated the commitment of customers to financially assist their loved ones.
Alex Holmes explained that the findings also highlighted why it was so important for firms like his to be able to provide money transfer services.
“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,” he said.
He went on to say that MoneyGram is committed to increasing cost effectiveness when it comes to financial transactions.
“As an organization, we are committed to continuing to make it easier and more cost effective for our customers to send money home.”
He claimed that there were a number of factors in place at MoneyGram that meant that rates offered by the company were relatively low.
“Thanks to our lower cost structure and digital transformation, we’re able to offer affordable rates that average less than 3% of transaction values, significantly lower than the industry average reported by the World Bank.”
He also commented specifically on the crypto aspect of the results.
“When the time comes for crypto to play a larger role in consumer lives, MoneyGram will be well-positioned to be a leader in the space.”
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