FinanceMaking the news

The Evolution of Cashless Payments

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The Evolution of Cashless Payments 🌎 – (Part 1)

In 2014, our preferred payment method worldwide was… 👇
👉 85% – Cash 💵
👉 9.1% – Cards 💳
👉 4.6% – Direct Debits/Transfers 🏦
👉 1.2% – Cheques (no emoji for this one…)
– McKinsey & Company and Capgemini

Both #Africa and the South Asia Pacific (#SAPAC) were heavily relying on #cash as a payment method with 99% and 98% respectively 🤯

North America was the least reliant on cash 💵 to complete transactions thanks to Canada 🇨🇦 with only 48%

Some countries were already investing into Cashless Payment Methods (newly known as #APMs), lead by Singapore 🇸🇬 (61%), The Netherlands 🇳🇱(60%), France 🇫🇷 (59%) and Sweden 🇸🇪 (59%).

Contrary to popular belief 💡, the United States 🇺🇸 and Australia 🇦🇺 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 🇮🇳 (2%) and the UAE 🇦🇪(8%).
– McKinsey & Company and Mastercard

Nevertheless, the number of cashless transactions worldwide was exploding:
2009 – 269B transactions
2014 – 389.7B transactions 🚀
– Capgemini

How could we have known this was just the beginning? 🤔

Even though China 🇨🇳 was heavily dependent on Cash (90%), it was the region were the most contactless cards were issued – Far East + China with 3+ #debitcards per head 🤯

Top European countries 🇪🇺 were already heavily transacting using Cashless Payment Methods with the UK 🇬🇧 (£21.27B), France 🇫🇷 (£18.96B) and Germany 🇩🇪 (£17.99B).

Soon after, digital payments exploded due to the #digitalization of our world (eCommerce etc…) 🌍

I’m sure people were skeptical on “#CashlessPayments” back in 2009, same as others were regarding the “Internet” back in the day.

 

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Source:  Arthur Bedel | Linkedin.com

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