Source: https://apptopia.com/
Global downloads of money remittance apps spiked in the second quarter from a 0.9% YoY decrease in the week ending March 22nd to a 37.9% increase last week. This increase is significantly higher than seen at any other period in the dataset. The data was provided by Apptopia which tracks downloads and usage across millions of mobile phone applications. This inflection point clearly shows a flood of new users looking for a way to quickly send or receive money.
Mobile apps used to transfer money among people, also referred to as sending remittance, have become increasingly popular during the COVID-19 pandemic. Leading apps, such as Venmo, PayPal and Cash App, enable friends and family to quickly send money to loved ones who are struggling to make ends meet, after being laid off or having their work hours reduced.
The top three fastest growing apps in terms of activity are Remitly, MoneyGram and Xoom which experienced a YoY increase last week of 229%, 76%, and 71%, respectively. Despite their rapid growth, they remain far behind the top three largest apps which command 87.7% of all activity. Venmo, Paypal and Cash App capture 37.0%, 33.4% and 17.3% of the market, respectively.
The popularity in remittance apps had been well on the rise in the six months prior to COVID-19. This is evidenced by an average YoY weekly usage growth of 23.9% which compares to last week’s YoY growth of 29.1%
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