A new report reveals the global volume of payments made using non-cash instruments, such as direct debits, credit transfers, cards and checks, is growing about 9% per year. Payment cards remain the single strongest driver of volumes rising more than 14% annually. The ten largest markets account for 92% of all non-cash payments transactions in
with the global market dominated by the U.S. and the Eurozone with a 61% share. According to the “World Payments Report 2009” from Capgemini, RBS and Efma, the U.S. accounted for 39% of global payments in 2007, with volumes having grown steadily at about 5% a year since 2001. While
cash-in-circulation fell 7.4%, debit card volumes jumped 16.2%, credit card transactions increased by 5.6%, credit transfers increased by 7% and direct debits grew by 18%. U.S. check volume did decline 7.4% in 2007. The report also noted that U.S. general purpose card transactions grew 7.7% in 2008, with the number by debit card up 12.1% and by
credit card up 1.7%. ??Debit cards accounted for 57.5% of total non-cash
purchase transactions in 2008, up from 22.9% just ten years earlier. Debit cards first overtook credit cards as the preferred means of U.S. consumer payments in 2004, and their rise has been notable ever since. Still, the economic downturn made credit cards even less popular in 2008, and the debit cardsâ share of transactions grew by 5% points from 2007.
Source: World Payments Report