Mobile Payments, Debit Card On Worldwide Rise
We hear about how cashless payments are on the rise all the time. But rarely can we identify exactly where ePayments and mPayments are adopted most rapidly around the globe.
That’s what the new World Payments Report (WPR) 2012, released by Capgemini, RBS and Efma, aims to tell us. Through a breakdown of seven different regions worldwide, the WPR shows how cashless payments are penetrating various economies across the globe.
Among the most informative stats? Mature economies were responsible for most of the world’s 283 billion non-cash payments made in 2011, but developing economies saw a 16.9 percent increase in cashless adoption. PYMNTS.com takes a look at some of the study’s more interesting findings.
Where In The World Are Cashless Transactions Made?
The study breaks down cashless payments by region, and, unsurprisingly, the North America region, comprised of the U.S. and Canada, finished first with 122 billion cashless payments for an increase of 3.4 percent. Latin America – excluding Brazil – saw the fewest, with just 7 billion payments, but increased by 16.1 percent. Central Europe, Middle East and Africa saw huge growth, increasing 22.7 percent to 14 billion mobile or ePayments.
Just The Tip Of The Iceberg For Mobile Payments
Just 2.1 percent of all mobile users globally make payments using their devices, meaning there’s expansive room for growth in the industry. The WPR projects mPayments to reach 17 billion by 2013, and notes that ePayments should grow to 31.4 billion as well.
Debit On The Rise
Debit card payments continue to climb. According to the WPR, there were 28.3 billion electronic and mobile payments globally in 2011, and in 2010 one in three non-cash payments were made using debit – a 15.2 percent increase from the year before. The study suggests that most of debit’s gains have come at the expense of credit.
Brazil Moves Ahead Of The Pack
The study also claims that the Brazil, Russia, India, China (BRIC) concept is “no longer valid,” demonstrating that when it comes to cashless payments, the South American power hour far exceeds the other developing economies its been lumped in with. Brazil processed 20 billion non-cash transactions in 2010. Russia, India and China processes 13.1 billion combined. Factor in Brazil’s 8.9 percent growth between 2010 and 2011, and Brazil is now the second-largest country for non-cash payments in the world, trailing only the U.S.
To read about how regulation and innovation are related click here, and view the infographic below for more stats.