CPMI Brief No. 12
Highlights
The use of cashless payments continues to increase globally. Credit transfers are the fastest growing cashless payment method in emerging market and developing economies (EMDEs), while growth in advanced economies (AEs) is mainly driven by card payments.
Fast payments are gaining ground and are a key driver behind the growth of credit transfers in EMDEs, with increasing use for small-value transactions in both AEs and EMDEs.
Cash withdrawals are on a downward trend; however, cash in circulation has largely stabilised, underscoring the enduring relevance of cash in economies.
Key Findings
In 2024, the annual number of cashless payments per capita in EMDEs grew by 21%, reaching 242 transactions, driven primarily by credit transfers and the rise of fast payments. In AEs, the figure reached 579 transactions, with more modest growth (6%), led by card payments.
On fast payments, Brazil recorded the highest per capita use (298 annual transactions), followed by Korea (189) and Argentina (149), with Argentina posting the strongest annual growth (71%). Mexico stood out for the average value of its fast payments (USD 2,566), though this declined 18% from the previous year.
On cash, currency in circulation as a percentage of GDP stabilised at around 9% in AEs and 6% in EMDEs. Cash withdrawals continued their decline: people withdraw cash less frequently but in larger amounts.
