In the supply part
Posted: Tue Apr 22, 2025 4:41 am
Review of the IOM and SDC study on “Mitigating the Socioeconomic Impact of the COVID -19 Pandemic on Migrants and Their Communities in the Russian Federation and Central Asia: The Role of Digital Remittances Consolidated Findings from a Supply and Demand Side Study” (2021)
This publication demonstrates a key, global period of growth of digital money transfers in Central Asia, which became a logical consequence of the World Pandemic. The largest human segment using this type of transfer is people working abroad, in order to earn more. Previously, they had two transfer options: cash and online. Now, we can see the dominance of digital technologies.
The study under consideration consists of two components, namely, demand hungary cell phone number list and supply. the existing legislation, infrastructure, and products that provide digital money transfers were studied. In the demand part, the behavior, perception, and decision-making process regarding digital money transactions were studied.
Against the backdrop of the past pandemic, there was a characteristic feature of all companies involved in money transfers - competition. And this can certainly be attributed to a positive impact on the consumer, as options offering the best variations appeared. Accordingly, this situation can be regarded as the development of infrastructure.
As for demand, most respondents are already actively using the innovation of financial transactions. However, most recipients of money transfers in Kyrgyzstan (78%), Tajikistan (80%), Uzbekistan (76%) prefer to receive money transfers in cash at the bank. Be that as it may, the method of making money transfers depends mostly on convenience, simplicity and habit.
Another interesting correlation in the study is the following. Respondents' preference for digital services is based on a higher level of education, financial literacy, and a higher level of trust in banking systems.
This publication demonstrates a key, global period of growth of digital money transfers in Central Asia, which became a logical consequence of the World Pandemic. The largest human segment using this type of transfer is people working abroad, in order to earn more. Previously, they had two transfer options: cash and online. Now, we can see the dominance of digital technologies.
The study under consideration consists of two components, namely, demand hungary cell phone number list and supply. the existing legislation, infrastructure, and products that provide digital money transfers were studied. In the demand part, the behavior, perception, and decision-making process regarding digital money transactions were studied.
Against the backdrop of the past pandemic, there was a characteristic feature of all companies involved in money transfers - competition. And this can certainly be attributed to a positive impact on the consumer, as options offering the best variations appeared. Accordingly, this situation can be regarded as the development of infrastructure.
As for demand, most respondents are already actively using the innovation of financial transactions. However, most recipients of money transfers in Kyrgyzstan (78%), Tajikistan (80%), Uzbekistan (76%) prefer to receive money transfers in cash at the bank. Be that as it may, the method of making money transfers depends mostly on convenience, simplicity and habit.
Another interesting correlation in the study is the following. Respondents' preference for digital services is based on a higher level of education, financial literacy, and a higher level of trust in banking systems.