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Cards drive increase in non-cash payments worldwide
PARIS (9/15/09)--Non-cash payments grew 8.6% to 250 billion transactions in 2007 compared with the previous year, according to the World Payments Report 2009. The use of cards is the single strongest driver for the growth, with global card transactions--credit and debit--growing 14.5% in 2007 and 11.2% in 2008. Markets are dominated by the U.S. and Europe, which account for 61% of the transactions. Developing economies continue to grow steadily, the report said. Non-cash payments appear to have withstood the financial crisis, but 2008 figures will indicate the crisis’ full effect on the market, the report added. The report cited Global Transaction Services (GTS) divisions as a stable and profitable source of revenue for financial institutions amidst weak economic conditions. However, they saw reduced volumes in the first quarter of 2009. GTS accounts for 5% to 20% of group revenues. The World Payments Report studies the resiliency of the payments industry, drawing on 36 interviews from 16 major banks and 20 of their corporate clients. The report was written by Capgemini, a consulting firm; the Royal Bank of Scotland; and the European Financial Management and Marketing Association.
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