This statistic comes from latest Global Payments Report by Worldpay, which says we are ‘entering an era defined not by technology, but by people… where choice is the main driver of the payments landscape.’ In this new era, ‘cash remains relevant amid economic uncertainty.’
Cash Share and Significance
According to the report, worldwide, the share of cash use fell by eight percent in 2023. ‘Yet cash remains a vital payment tool for billions’, accounting for 16 percent ($6 trillion) of global transaction value and a double-digit share of payment value in thirty of the forty markets covered. It even sees representation in e-commerce, with two percent of transaction value made up by cash payments.
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- The Global Payments Report, Worldpay, 2024
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- Consumers of many income strata turn to cash as a budgetary tool during high inflation and the cost of living crisis. This has led to campaigning and lobbying by consumer groups to protect access to cash.
