FinanceMaking the news

The Evolution of Cashless Payments

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The Evolution of Cashless Payments ๐ŸŒŽ – (Part 1)

In 2014, our preferred payment method worldwide was… ๐Ÿ‘‡
๐Ÿ‘‰ 85% – Cash ๐Ÿ’ต
๐Ÿ‘‰ 9.1% – Cards ๐Ÿ’ณ
๐Ÿ‘‰ 4.6% – Direct Debits/Transfers ๐Ÿฆ
๐Ÿ‘‰ 1.2% – Cheques (no emoji for this oneโ€ฆ)
–ย McKinsey & Companyย andย Capgemini

Bothย #Africaย and the South Asia Pacific (#SAPAC) were heavily relying onย #cashย as a payment method with 99% and 98% respectively ๐Ÿคฏ

North America was the least reliant on cash ๐Ÿ’ต to complete transactions thanks to Canada ๐Ÿ‡จ๐Ÿ‡ฆ with only 48%

Some countries were already investing into Cashless Payment Methods (newly known asย #APMs), lead by Singapore ๐Ÿ‡ธ๐Ÿ‡ฌ (61%), The Netherlands ๐Ÿ‡ณ๐Ÿ‡ฑ(60%), France ๐Ÿ‡ซ๐Ÿ‡ท (59%) and Sweden ๐Ÿ‡ธ๐Ÿ‡ช (59%).

Contrary to popular belief ๐Ÿ’ก, the United States ๐Ÿ‡บ๐Ÿ‡ธ and Australia ๐Ÿ‡ฆ๐Ÿ‡บ were under the 50% threshold with 45% and 35% respectively

Back then, some very well know countries had not yet invested into new payment methods like India ๐Ÿ‡ฎ๐Ÿ‡ณ (2%) and the UAE ๐Ÿ‡ฆ๐Ÿ‡ช(8%).
–ย McKinsey & Companyย andย Mastercard

Nevertheless, the number of cashless transactions worldwide was exploding:
2009 – 269B transactions
2014 – 389.7B transactions ๐Ÿš€
–ย Capgemini

How could we have known this was just the beginning? ๐Ÿค”

Even though China ๐Ÿ‡จ๐Ÿ‡ณ was heavily dependent on Cash (90%), it was the region were the most contactless cards were issued – Far East + China with 3+ย #debitcardsย per head ๐Ÿคฏ

Top European countries ๐Ÿ‡ช๐Ÿ‡บ were already heavily transacting using Cashless Payment Methods with the UK ๐Ÿ‡ฌ๐Ÿ‡ง (ยฃ21.27B), France ๐Ÿ‡ซ๐Ÿ‡ท (ยฃ18.96B) and Germany ๐Ÿ‡ฉ๐Ÿ‡ช (ยฃ17.99B).

Soon after, digital payments exploded due to theย #digitalizationย of our world (eCommerce etcโ€ฆ) ๐ŸŒ

Iโ€™m sure people were skeptical on โ€œ#CashlessPaymentsโ€ back in 2009, same as others were regarding the โ€œInternetโ€ back in the day.

 

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Source:ย  Arthur Bedel | Linkedin.com

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