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The Covid-19 pandemic is helping to accelerate cashless payments, which are set to double and even triple to 1.9 trillion transactions by 2030 from the current 1 trillion, according to a report by PricewaterhouseCoopers (PwC). ....
Jun 1, 2021 The financial-services industry is in the midst of a significant transformation, accelerated by the Covid-19 pandemic. Given the key role digitisation plays in the financial lives of more and more of the world’s population, electronic payments are at the epicentre of this transformation. Payments are increasingly becoming cashless, and the industry’s role in fostering inclusion has become a significant priority. As digital money draws a stronger interest, the financial services industry must recognise the entire infrastructure of payments is being reshaped, with new business models emerging. PwC’s survey reveals how even before the Covid-19 pandemic, cashless payments like sending a text to pay for a bus ticket in Turkey, or using a QR code to buy groceries in China are evidence of a steady shift to a digital economy – a shift that might ultimately lead to a global cashless society. Global cashless payment volumes are set to almost double from 2020 ....
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<li><span><i>Global cashless payment volumes are set to increase by more than 80% from 2020 to 2025, from about 1trillion transactions to almost 1.9trillion.</i></span></li>
<li><span><i>By 2030, the number of cashless transactions per capita will be roughly double to triple the current level.</i></span></li>
<li><span><i>Asia-Pacific will grow fastest, with cashless transaction volume growing by 109% from 2020 to 2025 and then by 76% from 2025 to 2030.</i></span></li>
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