Report: Emerging Markets Driving Noncash Payment Growth (Oct. 1, 2014)
Noncash payments are estimated to have increased by 9.4 percent last year, reaching 366 billion transactions, according to a new report from Capgemini and Royal Bank of Scotland (RBS). The 10th annual World Payments Report, which collected and analyzed transactional data from 2012 to project 2013 figures, found that more than half of the growth in noncash payments is coming from developing countries, despite those countries accounting for just one-quarter of the market size. Among the highest-potential markets is China, which could soon outpace the U.S. and Europe, according to the report. Currently, one in five of the mobile banking users in the world lives in China. After China, Central Europe, the Middle East and Africa (CEMEA) region and emerging Asian markets rank as the next-fastest growing, with non-cash transactions up 23.8 and 22.8 percent in those regions, respectively. Latin America followed, with growth of 11.0 percent. Another major trend identified in the report is the rise of smart devices, which is creating a convergence of mobile and traditional electronic payments. M-payments are projected to increase by a massive 60.8 percent in 2015, according to the study.
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