GlobalData reports that UK cash withdrawals fall amid coronavirus

Tuesday 7 April 2020 13:22 CET | News

Data and analytics company GlobalData has estimated that the total growth of UK payment transactions had been revised down due to the coronavirus.

The revision sees transactions expected to rise at a compound annual growth rate (CAGR) of 3.5% between 2019 and 2023 due to steady card growth, according to GlobalData. The company’s report, dubbed COVID-19 Sector Impact: Payments, shows that the value of cash withdrawals in the UK is expected to decline by a CAGR of 4% up to 2023, while the value of card transactions will increase by 3%. 

Meanwhile, the total transactions value has been revised down from a CAGR of 3.8% to 2%. These trends are replicated around the world, with GlobalData’s China forecasts seeing total transactions growth has been revised down to 13.6% CAGR to 2023, from 16.5%. 

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Keywords: UK, cash, withdrawals, coronavirus, pandemic, GlobalData, CAGR, cards, transactions
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech