Digital Payment Solutions Replacing Cash Faster Than Ever Before

PricewaterhouseCoopers (PwC) recently released its Charting a Cause Amid Evolution and Revolution study. According to the study, the COVID-19 pandemic has accelerated the move away from cash-based payments by 3–5 years, likely resulting in:

  • The volume of cashless payment transactions increasing over 80% (to 1.9 trillion) by 2025
  • Digital payments per person tripling by 2030

The strongest growth is expected in Asia-Pacific markets, where cashless transaction volumes are likely to increase by 109% by 2025 and by a further 76% between 2025 and 2030. African markets are expected to grow by 78% by 2025 and by 64% by 2030. In Europe, up to 64% more digital transactions are expected to be made by 2025. Lower growth rates are forecasted for the USA and Canada.