Cashless payments are growing worldwide due to an increased number of financial institution accounts, sustained e-commerce expansion, a migration of cash-based transactions to electronic payment tools and technological advancements, a recent study said.

In 2014, consumers in 60 countries made 417 billion cashless payments, according to the U.K.-based RBR's study "Global Payment Cards Data and Forecasts to 2020." Cashless payments are increasing at a slightly faster rate than ATM cash withdrawals, which suggests a significant proportion of the global population still favors cash as a payment method, RBR said.

Despite citing an annual 7.6% growth in cashless payments volume since 2010, the study revealed evidence of cash remaining resilient on a global level; ATM cash withdrawals rose at nearly the same rate (7.1%) in the same time period.

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Roy Urrico

Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).

Payments/Credit/Debit