Understanding the Impact of Digital Payments

Data from the Committee on Payments and Market Infrastructures (CPMI) at the Bank for International Settlements shows that digital payment use continued to rise in 2024 across 31 jurisdictions, representing around 59% of the world's population and 85% of global GDP [1]. Growth was especially strong in emerging and developing economies, where cashless transactions per person increased by about 21%, compared with around 6% in advanced economies. In developed markets, cards remain a leading payment method, while money transfers, particularly fast transfers, are playing a greater role in emerging markets.

A key feature of this shift is that transaction volumes are rising faster than transaction values. This means the average value of each digital payment is falling, suggesting that electronic payments are increasingly being used for frequent, low-value purchases rather than only for larger transactions.