Non-cash payments ticked up 10 percent in 2013 to 366 billion transactions, pulled along by intense growth in developing markets. According to RBS data, nearly a quarter of all global non-cash transaction growth–that’s about 93 billion transactions–happened in those developing markets. China remains less developed than expected for non-cash payments, but it’s growth rate and population mean it could outstrip the U.S. and Europe within the next five years.
“China is one to watch over the coming years, with the report showing that if growth rates remain at the current high level, it could become the largest market for non-cash transactions within just five years. These soaring growth rates in key markets put pressure on the global payments arena to innovate to meet rapidly increasing consumer demand,” William Higgins, managing director of payments, RBS, noted.
Growth rates for Central Europe, Middle East & Africa (CEMEA) followed closely were also up narly 25 percent, while Latin America at 11 percent growth on average.
Despite high growth in developing markets, the U.S. and Europe are still ahead in the number of non-cash transactions made per inhabitant.
RBS data also indicated that in 2015, m-payments are projected to grow by almost two-thirds, while e-payments growth is forecast to ramp down by about 16 percent annually over the next year.