In the last few years, an increasing number of patients have eschewed in-person medical consultations in favour of teleconsultations – medical consultations performed through dedicated healthcare portals and apps, and/or consumer videocalling platforms such as WhatsApp, Zoom, and Skype.
The pandemic has brought an acceleration in the adoption of digital methods of money transfer, with regulatory changes being introduced to encourage the use of digital payments. The rise of digital payment adoption in emerging markets has led to a significant uptake in eWallet payments instead of cash. Whilst many players have seen overall revenue declines as a result of the fall in remittances, all the major international remittance players, both traditional and digitally native, reported growth in digital revenue in 2020.
From market data, it is clear that online payments are convenient and drive eCommerce. However, they have also created a playground for cybercriminals who are intent on circumventing the structures on which online payments rely. Trust, it seems, is breaking down.
POSTED BY Susannah Hampton
The pandemic has proved a significant growth catalyst for the digitisation of remittance services, with the closure of money transfer agent locations as part of national lockdowns, and users turning to digital solutions out of necessity. Many of the major international remittance players – both those players with physical branches and agent networks, and digital-only players – have posted significant growth in their customer bases for 2020 and increases in the use of digital solutions.