Card Payments Statistics

Are card payments taking over Cash?

Looking at the growing number of point of sale (POS) operations by Payment Service Providers (PSP), there has been a gradual shift towards widespread use of card payments in lieu of cash. Comparing the statistics to North America, China and developing countries like India, the rate of adoption is comparatively lower, mostly attributed to high transaction fees. Despite the emergence of digital payment methods, adoption of card based payments by PSP’s are still on the rise.

The infographic below highlights current trends in Card payments in the EU. Data for this infographic is sourced from European Central Bank, Statistical Data Warehouse.

Card Payments
Card Payments Infographic

The average value per card payment has increased to €48.9 which shows a relatively high degree of confidence in the payment method. This along with a 9% increase in the number of cards issued shows a gradual improvement in uptake.

This has naturally translated in an increase in the number of POS payments by 9.5% from 2015. With a higher number of cards circulating in the market, the value of POS payments by cards has amounted to €2294.2 Billion.

Another interesting aspect is the 2.5% reduction in ATM terminals over the last 3 years which has led to a 1.8% decrease in cash withdrawal in ATM’s provided by PSP’s. With the emergence of digital payments, there is a possibility that this reduction in ATM’s could be attributed to the higher cost of operations, thus scoring low on cost-benefit.

In summation, the uptake of card payments has gradually increased over the past 5 years with a comparatively slower adoption of cash. This along with positive sentiment regarding digital payment methods, could signal the marginalization of cash use in a decades time

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cashlesspaymentsjournal

Is an online resource center for news and upcoming trends in cashless payments. The mission of this journal is to: - Inform and educate readers about the latest news - Identify innovators in cashless payments - Provide insight into adoption across the globe - Interact with influencers and thought leaders in the payments industry - Engage and share knowledge with interested readers

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