Non-Cash Payments Rising Throughout the World
A report released today shows that non-cash transactions grew 7.1 percent worldwide in 2010, with a 4.9 percent increase in mature economies and a 16.9 percent rise in developing economies.
The latest World Payments Report, jointly compiled by the Royal Bank of Scotland, IT consulting firm Capgemini, and the banking association Efma, also shows that these non-cash transactions are growing by 8.2 percent in the early part of 2011.
The report said more than one in three of the non-cash payments were made with a debit card. Worldwide debit card transactions grew 15.2 percent.
The non-cash transactions remain concentrated in developed countries–79.5 percent come from Europe, North America and parts of the Asia-Pacific region.
But other countries are seeing some very significant growth. China and Russia each had increases of over 30 percent, and Brazil has become the second largest individual payment country in the world behind the United States.
Mobile transactions offer huge growth potential throughout the world. The report found that only 2.1 percent of mobile phone users use their devices for non-cash payments.