Global digital payments volumes are predicted to increase by an average 10.9 percent through 2020, reaching nearly 726 billion transactions, according to Capgemini’s World Payments Report 2017 (WPR 2017).
The report estimates that volumes generated by emerging economies will grow by 19.6 percent, or three-times the rate of mature economies, according to a press release about the report.
Emerging Asia, led by China and India, is projected to grow 30.9 percent in volumes. Worldwide non-cash wholesale transactions by corporates, mid-sized enterprises and public authorities are estimated to record a CAGR of 6.5 percent from 2015 – 2020, or more than 122 billion wholesale transactions.
Despite increased adoption of digital payments, cash remains in the mainstream, especially for low-value transactions, according to the report. The study also states that mobility, connected homes, entertainment, and media are expected to boost non-cash transactions in the future, as will alternate channels, including contactless, wearables and augmented reality.