Boost in Mobile User Interaction
In a recent Forbes piece, the focus has been on the surge in digital customer acquisitions, particularly in the realm of mobile money transfer apps. As COVID-19 lockdowns begin to ease, usage patterns for apps like Venmo, Cash App, and PayPal are evolving.
The global lockdowns have led to a significant increase in the use of digital remittance solutions, with mobile money transfer apps seeing a notable growth. This surge in usage can be attributed to the need for contactless transactions during the pandemic.
Many digital customer acquisition players have experienced a substantial increase over the past few months. Remitly and MoneyGram, for instance, have exhibited substantial year-on-year growth in May.
However, the growth in May doesn't follow the same trend as the previous months. According to data from Apptopia, March and April accounted for a significant portion of the year-on-year growth in digital remittance solutions. This suggests that while the initial surge in usage was driven by the need for lockdown-friendly transactions, the growth in May may be influenced by other factors.
With the easing of restrictions, there is a question about how usage of digital remittance solutions is changing. As people return to physical stores and businesses, will the digital shift persist, or will we see a return to traditional methods of remittance? Only time will tell.
In conclusion, the pandemic has undoubtedly accelerated the adoption of digital remittance solutions. As we move forward, it will be interesting to observe how these trends continue to evolve.
