Non-Cash Transactions Grow 8.9 Percent Globally
Global non-cash transactions grew 8.9 percent year-over-year in 2014 to reach 387.3 billion transactions, according to the 2016 “World Payments Report” from Capgemini and BNP Paribas. Data from 2015 has not yet been compiled, a spokeswoman says.
The report, available here, said that “developing markets drove this growth, recording a 16.7 percent increase in 2014 while mature markets grew by 6.0 percent.” Still, those mature markets still account for nearly 71 percent of global non-cash transaction volume.
Additionally, “for the first time, China surpassed the U.K. and South Korea to take fourth position among the top ten markets by global non-cash transaction volumes.” The report added: “China’s high growth rate was driven by strong e-commerce and mobile phone penetration. If the current growth trends continue, non-cash transaction volumes in China are expected to surpass those in the Eurozone by 2021, placing the country second to the U.S.”
The top markets as measure by global non-cash transaction volume were:
- Euro Zone
- South Korea
In North America, non-cash transactions increased to 128.3 billion transactions in 2014, up 4.2 percent from 123.1 billion in 2013, according to the report. The growth rate might be higher, though, because “of [the] increasing use of alternative payment methods such as closed loop mobile wallets. These payments often go unreported.”