Non-cash transactions to touch 2.3 trn in volumes globally by 2027: Report

Non-cash transactions will touch 2.3 trillion in transaction volumes by 2027, growing at the rate of 15 per cent annually, as consumers and businesses adopt new digital payment schemes, a report by Capgemini Research Institute revealed.

The rate of growth in digital payments will differ from region to region globally. For instance, the report adds that digital payments will grow by 19.8 per cent across the Asia Pacific, 10.7 per cent in Europe, and 6.5 per cent in North America by 2027.

The report suggests that transaction volumes will touch 1.3 trillion by the end of 2023; nearly half of its 2027 forecast with respect to non-cash transaction volume.