The use of cashless payments continues to increase globally. Credit transfers are the fastest growing cashless payment method in emerging market and developing economies (EMDEs), while the growth in cashless payments in advanced economies (AEs) is mainly driven by growth in card payments. Fast payments are gaining ground and are a key driver behind the growth of credit transfers in EMDEs. Fast payments are increasingly used for small-value payments in both EMDEs and AEs. Cash withdrawals are declining. However, cash in circulation has largely stabilised, underscoring the enduring relevance of cash in economies.
This information was gathered from the Bank for International Settlements
