New research suggests global non-cash payments surged last year to reach 333 billion transactions, this following year-on-year growth of 8.8 per cent in 2011.
The World Payments Report 2013 from Capgemini and RBS has outlined what the pair expect will be the total number of non-cash transactions for 2012 before they’ve been officially counted.
Both companies claim a huge amount of growth is being driven by traditional credit, debit and prepaid cards as non-cash continues to represent less of a minority by the year.
Gulfnews.com claims mobile and online payments are also making a huge contribution to the overall figure, but they still fall behind debit and credit cards in the popularity stakes.
Debit card usage across the world grew by 15.8 per cent to hit 124 billion transactions over 2011 while credit card use rose by 12.3 per cent to 57 billion transactions. However, for 2012, Capgemini and RBS expects these figures to rise by 18.1 per cent for debit cards and a staggering 58.5 per cent for credit cards.
Meanwhile online payments are expected to hit 34.8 billion transactions by 2014, boosted by the rise in sellers heading online and offering online payment processing services to their customers.
Managing director and global head of transaction services at RBS International Baking, Kevin Brown told capgemini.com the rise of non-cash payments is a sign of the interconnected lives we live today.
“With estimates showing 8.5 per cent growth in 2012 non-cash payment transactions, that’s nearly 47 per year for every man, woman and child on the planet,” he highlighted.
“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.”