World: non-cash payments to grow by 9.4% - report

Tuesday 30 September 2014 13:28 CET | News

Non-cash payment volumes are expected to grow by 9.4% to reach 366 billion transactions in 2013.

Moreover, the prediction draws on notable growth in developing markets and the use of credit (up 9.9%) and debit cards (up 13.4%), according to the 10th annual World Payments Report from the technology and outsourcing company Capgemini and Royal Bank of Scotland (RBS).

Overall, more than 50% of global non-cash payment growth comes from developing countries, with25.5% of the market size at 93 billion transactions. Currently, 1/5 people in the world that are using mobile banking live in China. Alongside China, growth rates for Central Europe, Middle East & Africa (CEMEA) followed closely at 23.8%, emerging Asia at 22.8% and Latin America at 11%.

US and the Eurozone are still ahead in the number of non-cash transactions made per inhabitant. Finland, with 448 transactions per person per annum, recorded growth of 10.6% during 2012, outstripping other nations in Europe and North America. The US has the second highest number of non-cash transactions per inhabitant, at 376, but grew by only 2.6% for 2012.

In 2015, m-payments are projected to grow at 60.8% while e-payments growth is forecast to decelerate to 15.9% annually, as more people use mobile devices to make payments. This trend is adding to the pressure on PSPs to modernize their payments processing infrastructures to support the wide-range of customer-facing innovations.

More than 50% of new Key Regulatory and Industry Initiatives (KRIIs) are focusing on innovation and some of which also play a significant role to reduce risk, improve transparency and competition and facilitate standardisation.

As these new KRIIs are created, there is a tendency for them to cascade across the globe spreading regulatory initiatives across regions. Initiatives such as real-time payments, pressure on card interchange fees and improved payments governance are examples of cascading regulation.

Check out our Cross-border Ecommerce Research section here for more info on country-specific ecommerce facts and figures, preferred payment methods, risk and fraud, as well as ecommerce legislation and regulation for mature and emerging markets.

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Keywords: World, global, ecommerce, online payments, growth, transactions
Categories: Payments & Commerce
Countries: World
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