2020 was a turbulent year in the payments sector; the entire industry experienced shrinking revenues for the first time in almost 11 years. 2021 saw the rapidly falling revenue rates gain a semblance of normalcy.
Relaxation in COVID-19 safety measures added with fiscal and monetary stimulus provided by Governments around the world helped stabilise the plunging revenue percentages.
The drive toward digitising commercial and consumer transactions has also been a significant contributor to propelling the revenue back to its previous figures.
The sudden fall that the industry experienced and the rapid rise to normalcy has portrayed the payments industry to be resilient and robust. Experts believe that 2021 was a year of transition where the declining revenues of 2020 were recouped.
The introduction of global payment providers in the market has considerably increased the overall revenue generated in the market. The advent and introduction of newer and cutting-edge money transfer platforms have made the global payment experience much more customer-oriented and efficient.
The pandemic uncovered a series of behavioural patterns that solidified the concept of ‘shift to digital’ that was gaining momentum slowly. Some of these behavioural changes observed were:
1. A sharp decline in cash usage
Globally, the internet has become cheaper, making the world turn to seek alternative online payment avenues.
2. Migration from in-store to online
This trend has been observed through the years, but it got maximised with the introduction of COVID-19 restrictions in people’s daily lives.
3. Adoption of instant payment methods
When the world got locked behind the closed doors of their homes, people turned to instantaneous online payment methods to transfer money overseas.
These factors, along with others, have become significant drivers in the push for a viable and efficient global payment provider. This rise in the acceptance and adoption of online payment service providers has made the industry proactive in its efforts to provide a better service.
The CAGR (Compound Annual Growth Rate) is predicted to rise above 20% between 2021-2027, with earned revenue estimated to hit the $4trn mark by 2027.
These figures are predicted by observing the growing popularity of online payment services among people globally. Online payment service providers, to their credit, have really upped the international money transfer operation. Global money transfer platforms provide numerous benefits that trump the traditional means of international payment. The overarching benefits offered by online money transfer platforms are:
- Instantaneous Payments
- End-to-End encryption
- Smoother customer experience
- Minimal processing costs
- Higher transparency
- Zero contact transactions
Listed above are a few advantages that optimise the entire international money transfer operation. There are several services in the market that provide these benefits to their customers.
Looking for a reliable online money transfer platform?
International payment services such as ATL Money Transfer provide unique features and adds values to deliver the best international money transfer platform for your use. ATL Money Transfer is a continuously developing company striving to make customers’ money transfer experience as valuable, functional, and effortless as possible. They are a regulated and authorised payment service with extensive security protocols put in place, and they handle hundreds of thousands of transactions a month. They transfer your money instantly to over 60 countries in Asia, Europe, Africa, and North America in three easy steps. With 24/7 service and customer support, none of your transactions has to fail. To know more, please visit our website at https://www.atlmoneytransfer.com/.