Digital payment systems are replacing cash faster, study shows

Monday 7 June 2021 15:34 CET | News

UK-based consulting company PricewaterhouseCoopers (PwC) and its strategy consultancy Strategy& have released a payment study titled 'Charting a cause amid evolution and revolution'. 

The PwC study states that cashless transaction volumes will increase by over 80% to 1.9 trillion by 2025 and digital payments per person will triple by 2030. According to a Strategy& representative, the corona pandemic has accelerated the switch from cash to digital payments by three to five years. The strongest growth is expected for the Asia-Pacific markets, where cashless transaction volumes are likely to increase by 109% by 2025 and by a further 76% from 2025 to 2030. Africa is expected to grow by 78% by 2025 and by 64% by 2030. In Europe, up to 64% more digital transactions will be made by 2025, however lower growth rates are forecasted for the USA and Canada.

While acceptance of cards and mobile payments is increasing in Europe, some larger European economies, especially Germany, still have more cash than cashless transactions. According to the study, six macro trends will have a major impact on payments over the next five years, including digital currencies, digital wallets and cross-border payments. A PwC Germany representative states that all international payment transaction players should invest more in competitive payment solutions as this offers new revenue opportunities for the industry, especially for banks and alternative payment providers.

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Keywords: study, report, payment processing, digital payments
Categories: Payments & Commerce
Countries: United Kingdom
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Payments & Commerce

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