Noncash payments have been gaining popularity around the world for the last decade. And though cash isnt anywhere near dead, its global growth is slowing as consumers turn to emerging cashless alternatives.
But there are a few key markets – Australia, Sweden, and the UK – where annual noncash payments have already surpassed traditional cash transactions altogether and theyre stong early indicators of what a truly cashless society could look like.
Why are digital payments on the rise?
The growing adoption of noncash payments is a direct result of the rise of e-commerce, but thats not the only factor. Consumers today are adaptable to disruptive technologies and are generally open to trying new types of digital payment methods.
This consumer appetite is compounded by their access to infrastructure, as well as the emergence of government-backed initiatives, such as real-time transfers and the backing of electronic currencies, that make digital payments more enticing to both consumers and merchants.
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