The influence of COVID-19 pandemic on online money transfer

  • ERemit
  • 21 January, 2021
  • 2 minutes read
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2020, the year went by, has directed our lives to a new normal of digital dependency. Covid-19, the fatal virus originated from Wuhan in China has travelled a long way into almost every nation across the globe and continues to spread the disease with turbulent mutants of the same coronavirus.

In fear of the communal spread of this deadly virus, almost all nations have called in for a complete lockdown by closing the borders, schools, colleges, workspaces, shops etc. Lockdown was a temporary solution that somehow helped in slowing the spread of the virus and was eased in the coming months.

During the lockdown, people opted for the most flexible and convenient options of work from home and online money transfers so as to avoid any kinds of direct physical contact. Thus, even though the economy and direct financial dealings faced a dent in years, online remittances have seen a boom during the pandemic.

The expats settled in countries such as Australia, the United States, the United Kingdom etc. went for digital means to make international remittances to their family members in respective home countries. Although they have an array of options to make overseas remittances like bank transfers, wire transfers, agent transfers etc. Australian settlers went for the best online money transfer in Australia to make their transactions. An online transfer requires no pre-planning, no efforts of coming down to the office, but total freedom to do money transfer from anywhere at any time.

Once people get used to the ways and merits of transferring money online, they hardly go back to direct money transfer. Online is flexible, convenient and easy to use.

Even when the economic stability of countries like India, Pakistan, Sri Lankan, Philippines etc. was downtown, international remittances through digital interventions were a huge help in times of adversity. Apart from the international money inflow, all kinds of domestic money transfers as well as shopping necessities became digitized with UPIs and eCommerce websites.

As the famous British novelist, Charles Dickens wrote in his novel The Tale of Two Cities, “It was the best of times, it was the worst of times”. Yes, it was the best of times for all sorts of digital payments and online businesses during the worst of times of this global pandemic - Covid-19.