Cash accounts for 52.6% of Middle East and African point of sale payments (FIS, 2021)
This statistic is from the 2021 Global Payments Report.
The report explores how businesses and economies are learning to navigate the pandemic, with the evolution of payment options being a key element of rebuilding.
Cash transaction values fell worldwide in 2020 to a historic low, but it continues to serve a unique role in the payments landscape alongside cards and digital options. It also continues to lead over other payment types in many countries, and is the most-used method of paying in Africa, across Latin America and in the Middle East.
Cash continues to be a dominant payment method across the Middle East and Africa, and Latin America.
Global Payments Outlook
Across Europe, cash accounts for 27.4% of all point-of-sale (POS) payments. FIS expects cash use to remain above average in Germany, Italy, Spain and Poland.
In Asia-Pacific, the figure is 19.2%, and FIS foresees it continuing to be the top payment choice in Indonesia, Japan, The Philippines and Vietnam.
Cash accounted for 52.6% of POS transactions throughout the Middle East and Africa. While its share fell from 91% to 69% in Nigeria, FIS anticipates a rebound in 2021.
In North America, the POS transaction share for cash is 11.4%, and FIS forecasts continued losses with cards remaining the top payment choice and additional gains for mobile wallets.
Cash remains the most-used payment option in Latin America, with a 38% share of POS transactions. FIS believes this will decline in the coming years, potentially not seeing the same rebound expected in other markets, with cards lined up to eventually take the top spot.
Cash will persist as the leading point of sale payment method in Indonesia, Japan, The Philippines and Vietnam. Above average cash use will persist in Germany, Italy, Spain and Poland.
FIS is a technology and services company that aims to help businesses and communities thrive by advancing commerce and the financial world.
Headquartered in Jacksonville, Florida, it employs more than 55,000 people across 50+ countries, with a focus on helping clients keep ahead of global trends. FIS offers more than 450 solutions and processes over $75 billion of transactions around the world, is a Fortune 500 company, and a member of Standard & Poor’s 500 Index.