For the majority of small businesses around the globe, the coronavirus pandemic has been an arbiter of stagnation to say the least; however, certain business types have found themselves in a unique position to grow.
Among these, money transmitters are riding a wave of increased consumer reliance on online applications for life tasks ranging from grocery shopping to virtual socializing. Digital wallet and peer-to-peer money transfer applications have seen major increases in users since the beginning of 2020 and are estimated to have nearly doubled the size of their customer base between 2018 and 2020. The leading wallet services (Apple Pay, Google Pay, and Samsung Pay) account for nearly 400 million users*, while money-sharing services (Venmo, Zelle, PayPal, and CashApp) have seen meteoric gains as well.
In this increasingly remote lifespace, entrepreneurs are investing in new and innovative money transmitter businesses at a heavy clip, with the volatile, though ever-rising value of digital currency like Bitcoin helping to fuel what has so far been an electric start to the decade for payment applications and e-wallet services. In a climate of remote necessity and virtualization, the sky is the limit for businesses that can introduce creative wrinkles into a budding industry.
