Despite the proliferation of e-commerce and the rise of payment cards worldwide, cash is growing nearly as fast globally as cashless payments.
A new study found cashless transactions in the aggregate rose 7.6% annually from 2010 to 2014 to 417
Cash remains king for consumers
billion payments. But over the same period, the volume of cash withdrawals from ATMs rose 7.1% a year.
Still, cashless transactions are steadily eroding cash payments, with RBR finding payment cards accounted for 55% of all cashless transactions last year, up from 48% in 2010. Meanwhile, checks declined from an 11% share to 6%.
In total, cashless transactions grew 38% over the four-year period. In the US market, cashless payments grew at a 2.6% compound annual rate to 10.8% overall, while payment cards took a 72% share, up from 60%.
RBR also found cash remains especially popular in Central Europe and parts of Asia. “Even in those [markets] where consumers have been quicker to embrace other payment methods, there has been a reluctance to completely abandon cash,” the report notes.
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