Digital wallets on the rise
At the same time, according to forecasts, digital wallets are gaining in importance everywhere as a method of payment. Debit cards are also increasingly being used in the Middle East and African countries (MEA), as well as in North and South America. The use of credit cards is popular in Europe, MEA and South America. What's more, in regions such as North America, debit cards are likely to replace credit cards, so that the net effect of plastic card use will remain neutral there.
| 2021 | Europe | Asia-Pacific | MEA | North America | South America |
|---|---|---|---|---|---|
| Debit Card | 38 % | 14 % | 14 % | 34 % | 25 % |
| Cash | 17 % | 8 % | 31 % | 6 % | 24 % |
| Credit Card | 23 % | 17 % | 22 % | 36 % | 32 % |
| Mobile Wallet | 15 % | 56 % | 21 % | 15 % | 15 % |
| Bank Financing | 4 % | 3 % | 6 % | 4 % | 4 % |
| Buy now, pay later | 3 % | 1 % | 1 % | 2 % | 1 % |
| Prepaid Card | 2 % | 1 % | 4 % | 4 % | 1 % |
Source: The Global Payments Report (2022)
The global revenue pool – forecasts
The increase in digital payment transactions combined with the decline in cash use has so far led to growing revenues for digital payments. Forecasts continue to show an upward trend. The biggest growth is anticipated in Asia Pacific (APAC).
