US-based payments and money transfer company MoneyGram has conducted a new survey that showcased new trends and growth drivers in the global payments industry. MoneyGram has collaborated with 8 Acre Perspective to survey 1,000 US consumers who sent money abroad over the course of the past year.

The survey explores emerging patterns and anticipated catalysts for expansion in the worldwide payments sector. Key findings As shown in the study, 9 in 10 respondents voiced their worries regarding inflation or an impending recession potentially hampering the amount of funds they will be able to transfer overseas this year. However, over 75% of them stated that they still expect to transfer the same or a higher amount in 2023.

Even more so, 42% of respondents have argued that, in case of an economic decline, they will raise the amount they send to help ease the financial burden their friends or family are struggling with. According to the survey, 63% of those surveyed said that they continuously send funds abroad to offer support, while 52% of them explained that they sent funds to help during an unexpected situation. Half of the respondents expressed that when compared to the situation from a year ago, the needs of their loved ones have increased, while 44% of them stated that their requirements remain unchanged.

One constant among all age groups was the affinity for digital money transfer platforms. Even more to this point, over 85% of respondents argued that they mainly use digital methods to send money abroad, and almost half of them expressed that they increased the volume of digital transfers that they made. Another constant among all generations is the interest in seeing blockchain technology leveraged in the money transfer space.

Data insights on age group preferences When it comes to the popularity of apps and websites for money transfers, the survey indicates that younger generations, primarily Gen Z and Millennials, show a clear preference for using apps. Most of the respondents argued that they would be interested in utilising an app that facilitated the resolution of a wide spectrum of financial needs that would complement the existing core remittance service. Among all generations, 97% of the Millennials surveyed said they would value such an app.

As showcased by the data, Millennials are expected to have the most significant impact on the sector, as they are likely to increase the overall volume of transfers. Therefore, their preferences are particularly noteworthy. .