By 2020, emerging economies are expected to be the powerhouses of global non-cash transaction volumes growth, with China most likely challenging the US as the leading market, the report uncovers. China alone will see a growth of 36% over the next five years.
China is currently in third position in terms of the total non-cash transaction volumes. Its growth would be driven by multiple initiatives designed to create a cashless economy, improve financial inclusion and increase digital payments innovation.
It is expected to witness China’s rural markets, which are mostly untapped, catching up with urban markets and record higher growth in the coming years.
The “World Payments Report 2017” also uncovers that technological innovations, such as the internet of things (IoT) and blockchain, to transform the payments market landscape, as data becomes central to payments.
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