The Strategist

PwC expects worldwide cashless turnover to triple by 2030


09/24/2021 - 06:53



Global non-cash payment volumes will reach nearly 3 trillion payments by 2030, up from 1 trillion last year, according to a study by international consultancy PwC.



8 Kome via flickr
8 Kome via flickr
"Between 2020 and 2025, global non-cash transactions will grow by 80% from around 1 trillion transactions to almost 1.9 trillion, and by 2030 volumes will triple (reaching 3 trillion). In Asia-Pacific, the growth rate will be higher, with non-cash transactions increasing 109% from 2020 to 2025 and 76% from 2025 to 2030," the report reads.

Africa (78%, 64%) and Europe (64%, 39%) are next, followed by Latin America (52%, 48%), and the US and Canada (43%, 35%) will have the lowest growth rates, according to the study.

At the same time, the popularity of mobile payments will continue to grow steadily, with experts expecting a compound annual growth rate of 23% between 2019 and 2024. In addition, experts noted several features, among which are the "war" of payment systems and the work on the creation of digital currency.

"Significant support for the development of innovation and competition in the payment market can be provided by the introduction of open software interfaces (Open API) technology. The use of Open APIs will enable effective interaction between the payment infrastructure, banks, non-bank providers and consumers of payment services," the study added.

source: pwc.com