Cash management and cash technology provider G4S published the first World Cash Report analyzing data from 47 countries over the past 5 years.
The study finds that although digital payment volumes have been growing fast, cash transaction volumes are also growing, showing that consumers like using a variety of payment tools for their purchases. Indeed, G4S states that “there shouldn’t be any competition between cash versus non-cash, nor should it be an either/or proposition. There is simply a need to make payments in all circumstances, and both cash and non-cash payment instruments adequately fulfil this need” (p.130).
Overall, 17 out of 24 countries reported over 50% of transactions in cash. This number is up to 78.8% in Europe in terms of volume, and 53.8% in terms of value. The report also found that traditionally cashless companies and activities are beginning to offer cash payments as they widen their reach to appeal to the unbanked but also to consumers that have a preference for tangible money. For example, in the Arab world, 50% of online shoppers prefer Cash on Delivery. This number reaches 70% in Egypt.
A list of country fact sheets is provided at the end of the report.
To read the full report, download it here below.