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Remitly and TransferWise are benefiting from consumers' shift to digital payments and a turn toward banking services as global remittance volumes drop.
The coronavirus pandemic has made paper money literally a dirty word, causing a rush to digital payments that may be too fast for Western Union and MoneyGram to keep up with as separate companies.
Operating from Kansas, payments processor Euronet Worldwide has been working furiously—and quietly—on a way to disrupt China-based Ant Financial's deal to buy Dallas-based MoneyGram ever since news broke in January.