Bypass the use of cash more easily
Debit cards continue to trump credit cards when it comes to winning market share, while the use of electronic and mobile payments is continuing to show increased growth (view press release). According to a report released by Capgemini, RBS and Efma, debit card transactions continue to take market share from other types of payment methods because they allow people to bypass the use of cash more easily.
However, as more consumers embrace electronic, mobile and debit payments, industry innovation will continue to focus heavily on these payments methods. Industry analysts say that there were around 28.3 billion electronic and mobile payment transactions around the world in 2011, while in 2010 more than one in three non-cash payments globally were made using a debit card, which is up 15.2%.
The reports also suggests that with only 2.1% of all mobile user making mobile payments, the potential for additional growth is still huge, with mobile payments set to reach 17 billion by 2013 and e-payments 31.4 billion by 2013.
Globally the volume of non-cash payments remains concentrated in developed markets, with North America, Europe and Mature Asia-Pacific, which accounts for 79.5%. However, the BRIC block is diverging, with Russia and China boosting payment volume increases of more than 30%, while Brazil has become the second-largest payment country in the world, after the US. India’s payment volume grew at 10% and has great potential for future growth, but is still the BRIC payment laggard.
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