Noncash payments have been gaining popularity around the world for the last decade. And though cash isn’t anywhere near dead, its global growth is slowing as consumers turn to emerging cashless alternatives.
But there are a few key markets - Australia, Sweden, and the UK - where annual noncash payments have already surpassed traditional cash transactions altogether — and they’re stong early indicators of what a truly cashless society could look like.
Why are digital payments on the rise?
The growing adoption of noncash payments is a direct result of the rise of e-commerce, but that’s not the only factor. Consumers today are adaptable to disruptive technologies and are generally open to trying new types of digital payment methods.
This consumer appetite is compounded by their access to infrastructure, as well as the emergence of government-backed initiatives, such as real-time transfers and the backing of electronic currencies, that make digital payments more enticing to both consumers and merchants.
How are Australia, Sweden, and the UK driving the world towards cashless payments?
Australia, Sweden, and the UK are emblematic of opportunities for payments players to lead the world away from cash. The Global Payments Landscape from Business Insider Intelligence, Business Insider’s premium research service, provides a snapshot of the payments industry in each of these three markets.
The report shows that several leading payments players have already emerged or are dominant within each of these regions — and they’re finding success in different ways. For other mature markets seeking to overcome the legacy channel of cash, the digital transformations of Australia, Sweden, and the UK can serve as a roadmap.
Here are the strategies these regions are implementing in the race to become the world’s first cashless society:
Want to Learn More?
The Global Payments Landscape from Business Insider Intelligence compiles various payments snapshots, together illustrating how digital payment methods are supplementing or replacing cash in each market.
Each snapshot provides an overview of the payments industry in a particular country, and details the evolution of its development. They also highlight notable payments players in each region and discuss the opportunities and challenges that players are facing in their respective markets.
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