Consumers worldwide are switching to digital and contactless payments

 

Consumers in key markets around the world have switched from physical cash to digital and contactless payment methods at a rate unprecedented, according to the Bank for International Settlements (BIS).

The share of contactless payments in total card transactions increased in 2020 at its highest rate since 2015 and that the growth in total credit transfer usage was so strong that the share of non-cash payments in total GDP sharply increased across the globe.

In addition, on average consumers in advanced economies (AE) made close to twice as many cashless payments as residents of emerging markets and developing economies (EMDE), 'both groups of countries are similar in that most of these payments were made using a debit or credit card'.