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.