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Is Cash Still the King? Digital Transactions Nearly Doubles in FY22

Developed countries and their economies around the globe have implemented the cashless payment infrastructure that was based primarily on credit cards several decades ago.

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Is Cash Still the King? Digital Transactions Nearly Doubles in FY22

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  1. Is Cash Still the King? Digital Transactions Nearly Doubles in FY22 Developed countries and their economies around the globe have implemented the cashless payment infrastructure that was based primarily on credit cards several decades ago. It worked quite efficiently for many years, but these structures have also become a burden lately. qatar.desertcart.com

  2. Is Cash Still the King? Digital Transactions Nearly Doubles in FY22 The western markets are slowly adapting to digital payment solutions and growing economies like India, China, and Eastern Europe are taking giant leaps in promoting digital transactions. The mobile payment system has allowed a huge share of the population in developing economies of Asia, Africa, and Latin America to get access to banking and digital transactions which were not easily possible earlier. qatar.desertcart.com

  3. Is Cash Still the King? Digital Transactions Nearly Doubles in FY22 We will share with you a few reasons why digital payment transactions, especially for online stores like Amazon, eBay, desertcart, etc. have become the popular choice. qatar.desertcart.com

  4. Some Major Highlights Regarding Digital Payments The total transaction value in digital payments is expected to reach US 8.50 trillion by the end of 2022. Digital commerce has a projected total transaction value of 5.46 trillion in 2022. China will achieve the highest cumulative transaction value by touching US 3,318 billion by this year. Total digital transaction value is expected to show an annual growth rate of 13.10 trillion at present and is projected to reach a total amount of 13.91 trillion by 2026. qatar.desertcart.com

  5. Some Major Highlights Regarding Digital Payments In 2020 more than 7.3 billion real-time payment transactions were processed around the globe, an increase of 41% when compared to the previous year. The covid-19 pandemic situation has dramatically accelerated digital payment systems and people moved away from their wallets and relied on real-time and digital payments. qatar.desertcart.com

  6. Some Major Highlights Regarding Digital Payments This accelerated the shift to a digital payment system and also the building of the total digital payment ecosystem. Several companies launched their payment apps by linking them to bank accounts, making payments very seamless and user-friendly. People are now using mobiles, tablets, laptopsand computers to make their payments quickly. qatar.desertcart.com

  7. Some Major Highlights Regarding Digital Payments We are heading towards a cashless society and customers around the globe are becoming more tech-savvy. The 4G mobile telecommunication technology revolution has made it possible to process 70.3 billion real-time payment transactions globally in 2020 qatar.desertcart.com

  8. Top 10 Countries Around the Globe Processing Real-Time Transactions in 2020 India retains the top spot in real-time payment transactions with a value of 25.5 billion USD followed by China with a value of 15.7 billion transactions and with South Korea in third place with six billion transactions. Thailand came fourth with 5.2 billion transactions and the UK came in 5th place with 2.8 billion in digital transactions. qatar.desertcart.com

  9. Top 10 Countries Around the Globe Processing Real-Time Transactions in 2020 Nigeria comes in sixth place with 1.9 billion transactions and Japan comes in seventh place with 1.7 billion transactions. This is followed by Brazil coming in eighth place with 1.3 billion transactions. The US ranks in ninth place with 1.2 billion transactions. Mexico comes in tenth place with 942 million USD in transactions. qatar.desertcart.com

  10. Some of the Fastest Growing Countries for Real-Time Payments Croatia comes in the top place with an expected CAGR of 374.4 % between 2020 and 2025 and this is followed by Columbia with 11 2.7 % and Malaysia with 83.9%. This is followed by Peru with 74.4 percent and Finland at 71.4%. qatar.desertcart.com

  11. Some of the Fastest Growing Countries for Real-Time Payments The highest growth according to the region is expected to be in North America with 36.5% as the US and Canada modernized their real-time payment system and ramped up their digital payment infrastructure. qatar.desertcart.com

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