07/26/2017

Report: Cashless Payments Surge In Popularity Worldwide

The move toward a cashless society isn’t just gaining steam in restaurants

A British data firm reports that cashless transactions, including cards and credit transfers, have seen a major rise in uptake in recent years. Visa recently announced a program to give cashless payments a nudge with small businesses. The move toward a cashless society isn’t just gaining steam at popular fast-casual chains.

According to research from the British financial data firm Retail Banking Research (RBR), the trend of moving away from cash for most transactions is picking up steam all over the world.

RBR’s report states that 471 billion cashless payments were conducted in 2015, a jump of more than 50 percent from 2011. Card-based transactions were the most popular type of cashless payment in every portion of the world except the Asia-Pacific region. But while cards are most commonly used, the value of such transactions is very low, making them worth only a small portion of all payments made. (Credit transfers and direct deposits tend to be used more commonly for high-price transactions.)

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