Over 30% of countries record higher CIC rates (WPR, 2019)
Feb 14, 2020
The report uses Payments Open Banking Assessment which illustrates the state of Open Banking from a payments perspective in 18 markets worldwide. According to the report, "Although cash payments' share of total payment volumes is declining in most countries, cash in circulation (CIC) remained stable or increased slightly over the past five years. Over 30% of countries record higher CIC rates" (WPR 2019, p. 31).
Excerpt World Payments Report 2019
"Interestingly, countries with the highest non-cash transactions volume also continue to be highly dependent on cash.
'Over 30% of the countries analyzed in WPR 2019 recorded higher CIC growth when compared to that of non-cash transactions volume.'
The unique set of needs that cash can fulfill makes a cashless world challenging to envision, although CIC continues to be affected by digital instruments. In the US, Finland, South Korea, Singapore, and the UK (with record high non-cash transactions per inhabitant), CIC has grown steadily. Even though these countries record high volumes of non-cash transactions, their economies support medium to high cash usage.
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