Global Non-Cash Payments Soar to 333 Billion in 2012
Worldwide non-cash payment volumes are still on the rise, with more than 333 billion transactions made in 2012 as cards and mobile services become more popular, according to a Capgemini/RBS report. Overall, non-cash transactions grew globally by 8.8 percent in 2011. Debit cards comprised 124 billion transactions, up by 15.8 percent over 2010, while credit cards were used 57 billion times, up 12.3 percent. Meanwhile, industry estimates suggest that online transactions could increase by 18.1 percent through 2014 to 34.8 billion, while mobile volumes could soar 58.5 percent to 28.9 billion. The report notes that Central Europe, the Middle East, Africa, and “emerging Asia” are leading the way in growth, with transaction volumes of more than 20 percent, and Latin America at nearly 15 percent. The markets of North America, Europe, and “mature Asia” recorded single digit growth rates, although these markets still represent more than two-thirds of global non-cash transaction volumes. “In the developing markets, mobile payments are giving more people access to financial transactions, while customer-centric innovation has helped prepaid cards and virtual currency gain traction in the more developed markets,” says RBS’ Kevin Brown.
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Finextra (09/16/13)