Are you cashing in on the growing global money transfer market? Recent research from Xpress Money suggests it’s an increasing trend among c-stores which, as we all know, are no longer purely a place to buy a pint of milk, a loaf and paper.
Instead the poll conducted by the money transfer firm found that local shops are now becoming financial hubs and collection points for an array of consumer goods as increasingly busy lifestyles alter the role stores play in local communities.
Almost four in ten (39%) of stores surveyed have introduced new services within the past five years, reflecting their super-utility status. Three in five (59%) now offer money transfer whilst one in five (19%) operate mailbox services in partnership with retailers. In contrast, older convenience staples such as post (one in twenty) and DVD rental (one in thirty) have almost stopped altogether.
Sudhesh Giriyan, COO of Xpress Money, said: “We are seeing a transition in the role of convenience stores to reflect the evolving needs of local residents. These local hubs are reinventing themselves to reflect consumer desire for hyper-local services. Money transfer, once a service only associated with High Street outlets, has become a sought-after extension to the offering of local stores.”
Estimates suggest that around one in 10 people globally send or receive remittances. Sums sent to developing countries alone are around £289bn per annum, according to recent World Bank estimates.
Giriyan concluded: “There is a growing trend towards money transfer services in suburban locations, particularly within communities with a high international population. Convenience shoppers are readily adopting this highly accessible way of transferring funds, without the hassle of some alternative methods.”
