Consumer card to surpass cash payments in 2016: Euromonitor
Published on: Saturday, September 24, 2016
Kuala Lumpur: Consumer card payments are expected to surpass cash payments for the first time in 2016, registering US$23.1 trillion globally, based on consumer finance industry research by Euromonitor International.The research revealed that consumer card payments and mobile commerce would see a 6.6 per cent and 23 per cent compound annual growth rate (CAGR) from 2016 to 2021 respectively, whereas global cash payments would register a CAGR of 1.3 per cent."This stagnant growth of cash payments signals a shift from an increase of cash supply to a decrease and shows a major victory for card and electronic payments.
ADVERTISEMENT
"And the shift of consumer shopping channels toward online is directly benefitting mobile commerce, which saw a 53 per cent rise from 2015 to 2016," Euromonitor International senior consumer finance analyst Kendrick Sands said in a statement.Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
