Global card payments to rise 483b by 2022
Published on: Wednesday, December 13, 2017
Kuala Lumpur: The total number of card payments worldwide is set to reach 483 billion by 2022, an increase of 56 per cent compared with 2016, said strategic research and consulting firm, Retail Banking Research Ltd (RBR).In a statement, RBR said the increase was more than double the rate of growth in card numbers, which was projected to rise by 22 per cent over the same period.The study, titled, 'Global Payment Cards Data and Forecasts to 2022' also showed that all regions will see faster growth in card payments than in card numbers.
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RBR's report suggested that financial inclusion programmes and rising card acceptance in developing markets will be a common factor in increasing consumer use of payment cards."In more mature markets, growth will be characterised by local regulations mandating card acceptance for a widening range of merchant sectors, and also by further penetration of contactless technology for lower-value payments," said RBR Senior Associate, Chris Herbert.Stay up-to-date by following Daily Express’s Telegram channel.
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