Adaptations of Leading Cross-Border Payment Companies Amidst the Pandemic

In a groundbreaking discussion published in Forbes, the CEOs of six leading financial service companies - Western Union, MoneyGram, Ria, Remitly, WorldRemit, and TransferWise - came together to share their adaptations during the pandemic. The article, penned by Daniel Webber, delves into the strategies these companies have employed to navigate the unprecedented challenges posed by the global health crisis.

The discussion reveals that cash remains a crucial component, accounting for over 80% of total transactions across the first five companies, and a significant proportion of digital transactions as well. This underscores the enduring importance of cash in enabling digital growth, even before the pandemic.

Hikmet Ersek, CEO of Western Union, Alex Holmes from MoneyGram, Shawn Fielder from Ria, Kristo Käärmann from TransferWise, Matt Oppenheimer from Remitly, and Breon Corcoran from WorldRemit, were among the CEOs interviewed for the article.

The article provides valuable insights into the sizes and key metrics for digital transactions, revealing differences in how digital is categorized for each company. It also sheds light on the value of cash payout networks in the industry.

The chart accompanying the article illustrates the mix of significant price changes across the sector throughout the pandemic. While pricing was typically lowered in March and April, normal pricing strategies have since returned, indicating that while the sector has adapted, it is not necessarily moving towards zero pricing.

TransferWise's stated goal, "Mission Zero," aims to make moving money close to free, but CEO Kristo Käärmann acknowledges it may not reach exactly zero.

The article concludes by emphasizing that the shares of increases and decreases differ by each pay-in and pay-out method. For more granular data, readers are encouraged to contact the author.

For a deeper dive into the adaptations of these six financial service companies during the pandemic, and to gain more insights from the article, readers are advised to check out the Forbes article. For more of the data, they can reach out to the author directly.