How the Cashless Surge is Transforming the Landscape of Digital Payments
The global shift towards cashless transactions is not just a trend which comes and goes, this is here to stay and redefine how we make payments in the future. Here are a few notable stats that shed light on how the cashless evolution has changed the global financial transactions in the past few years. Growth in digital payments Cashless payments are projected to double from 2022 to 2027. In 2021, over 1.1 trillion non-cash transactions took place in the world. As per a report in 2021, 76% of adults in the world had held an account with banks, financial institutions, or mobile money providers. Pandemic’s role The pandemic accelerated digital payment adoption, with more than 40% adults in low and middle-income economies making their first merchant or utility payments digitally since the pandemic’s onset. In India alone, over 80 million adults made their first-ever digital merchant payment post pandemic. This number exceeded 100 million in China. Overall, about two-thirds of adults worl...