Digital Payments to Drive Non-Cash Transactions to 1.3 Trillion Globally in 2023: Report

A recent report has projected that non-cash transaction volumes will reach 1.3 trillion globally 2023, and is anticipated to accelerate to 2.3 trillion 2027 with an annual growth rate of 15%. This surge in digital payments is expected to be driven the increasing adoption of new payment schemes both consumers and businesses.

The report highlights the growing importance of digital payments in the global financial landscape. With the rise of technologies such as mobile wallets, QR codes, and contactless payments, traditional cash transactions are being replaced digital alternatives. This shift is attributed to the convenience, speed, and security offered digital payment solutions.

In addition to the convenience factor, digital payments also offer benefits for merchants and businesses. They allow for easier tracking and reporting of transactions, reducing the risk of fraud or theft. Digital payments can also enable businesses to expand their customer base, as they can reach a wider audience who prefer cashless transactions.

The report emphasizes the role of technology and innovation in driving the growth of digital payments. Fintech companies and payment technology providers are constantly developing new solutions and services to meet the evolving needs of consumers and businesses. These innovations include secure payment gateways, biometric authentication, and real-time payment systems.

It is worth noting that the report does not provide specific data or sources to support its projections. However, it aligns with the general trend towards a cashless society and the increasing adoption of digital payment methods globally.

In conclusion, digital payments are expected to play a significant role in shaping the future of non-cash transactions. The convenience, security, and innovation offered digital payment solutions are driving the rapid growth in this sector. As technology continues to advance and consumers become more comfortable with cashless transactions, the volume of non-cash transactions is expected to reach new heights globally.

Sources:
– ET BFSI, “Digital payments to lift non-cash transactions to 1.3 trillion globally this year: Report”