Cash payments are eclipsed by mobile wallets: report

The Global Payments Report just released by FIS Global claims that 2020 catapulted digital payments years ahead of earlier projections.

Last year, global digital wallet payments surpassed card use at points of sale and mobile wallet contactless in-store payments exceeded in-store cash payments for the first time in 2020.

Cash payments fell 10% and represented only 20% of all face-to-face payments, according to the report. The number of contactless digital wallet payments at points of sale is also rising quicker than physical card usage.

Additionally, digital wallet-based e-commerce transactions grew 7% in 2020.

In-store cash payments in 2020 declined by 50% or more in Australia, Canada, France, Norway, Sweden and the UK.

By 2024, the Global Payments Report forecasts, cash will be used for less than 10% of in-store payments in the U.S. and 13% of payments worldwide. One in three in-store payments, globally will be made with digital wallets.