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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