UK-based global FinTech business Paysend today announced record growth figures after it was revealed last week that the Royal Mint will be discontinuing certain lines of coin production for 10 years. As a result of the coronavirus pandemic, coins have seen a steady decline in usage, resulting in the decision to stop producing £2 and 2p coins for the next ten years.
The reduced emphasis on cash correlates inversely with the growth of digital money solutions – Paysend has now reached over 2.3 million customers on its Global Transfers platform, which is an increase of one million new users throughout 2020. Due to the fact that people have less access to high-street banks thanks to lockdown restrictions, and with cash usage plummeting, Paysend has managed to help many more people to send money internationally from the safety of home via digital devices.
Other key figures released by the firm include the fact that 75% of international transfers using Paysend now arrive in under 20 seconds, and that 97% of all support queries are answered within 24 hours; this impressive growth in the speed and customer service of digital transactions are the best way to support customer transition into a cashless society as they remove some of the existing barriers.
“We find ourselves in a very strong position as a business, and despite the challenges that the pandemic has thrown up, we are still managing to connect people across borders with our money transfers,” Ronnie Millar, Paysend CEO, said. “One of the key focuses of Paysend is to provide simple, low-cost and fast money transfers for people living and working abroad, and now more than ever it is important that we provide this service to our growing user community.
“The stats speak for themselves in showing how our transfers are helping to get money to where it’s needed the most.”
The switch to digital money rather than cash has been accelerated across Europe since the beginning of the coronavirus pandemic, and significant importance has been placed on FinTech firms to provide solutions to help people manage their money safely and with ease.
Mr Millar added: “We will continue to help our growing customer base to learn and utilise the amazing benefits of digital money in the coming months, and in the post-corona world.”