The use of digital payments around the world continued to grow in 2022, while the number of cash withdrawals and small-denomination banknotes declined, according to BIS figures.
The average yearly number of cashless payments per capita grew by 10% from 426 to 468 in 2022 for advanced economies, and by 18%, from 246 to 291, in emerging market and developing economies.
Meanwhile, the nominal average transaction value of cashless payments either continued to decline or stabilised in most countries in 2022 – despite the general increase in price levels.
Cards were the most used digital payment instruments in 2022, followed by credit transfers. Cheque payments continued to decrease almost everywhere.
BIS also notes that the use of “fast payments” has reached new heights. While this is still mainly confined to domestic payments, the bank says there is an opportunity to foster interlinkages between systems to enhance cross-border payments – a G20 priority.
In contrast, demand for banknotes and coins declined globally and most strongly in emerging market and developing economies. BIS reports declining average transaction values of cashless payments and falling cash withdrawals.
Nevertheless, BIS cities existing research which shows that there is still a considerable demand for cash, particularly among older people and those who would like to control their budget.
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- Source: https://www.finextra.com/newsarticle/43722/tap-click-and-pay-how-digital-payments-seize-the-day?utm_medium=rssfinextra&utm_source=finextrafeed
