The Global Payments Report 2018 provides data – broken down by country – for North America, Latin America, EMEA, and Asia Pacific, regarding both ecommerce and point of sale (POS). The proportion of cashless transactions varies widely across the globe, with some countries, like India, still considered a cash economy.
According to the key findings of the report, e-wallets are expected to account for 36% of online payments and to increase to 47% by 2022. At the same time, globally, POS payments in cash are expected to fall from 31% to 17% over the same period.
In addition, in 2017, more than 70% POS transactions in India were in cash and just 20% were credit or debit card transactions. Whereas cash transactions in South Korea were only 11%, with credit and debit cards making up 85% of POS transactions. However, data suggests that cashless transactions in India are set to boom over the next few years, since in some areas the country is already ahead of many nations when it comes to cashless payments.
Smartphone sales in India continue to grow, with more than 42 million smartphones being purchased in India in Q3 2018 – Xiaomi is leading the way, with 11.7 million units sold in the quarter. The adoption of smartphones in the country is being driven, in part, by lower costs for internet use.
For more information about Worldpay, please check out a detailed profile of this company in our dedicated, industry-specific online company database.
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