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Cashless transactions accelerated significantly across emerging market and developing economies (EMDEs) in 2024, highlighting a continued shift toward digital financial services, according to new data from the Bank for International Settlements.
The number of annual cashless payments per capita in EMDEs rose by 21% to 242 transactions, outpacing growth in advanced economies (AEs), where usage increased by a more modest 6% to 579 transactions per person.
The composition of these payments also differed across markets. In EMDEs, growth was largely driven by credit transfers and fast payment systems, reflecting increasing adoption of real-time digital infrastructure. In contrast, advanced economies saw higher growth in card-based transactions.
Across both market segments, traditional payment methods—including direct debits, cheques, and e-money—continued to decline in relative usage, underscoring a broader transition toward faster, more efficient payment channels.
In value terms, cashless payments as a share of GDP remained largely stable in advanced economies but recorded a slight 3% increase in EMDEs. Credit transfers continued to dominate, accounting for the largest share of total transaction value globally.
At the same time, cash usage showed a gradual decline. The frequency of cash withdrawals dropped in many regions, alongside a reduction in physical access points such as ATMs and bank branches. However, cash remains relevant, serving both as a payment method and a store of value. Notably, while consumers are withdrawing cash less frequently, the average withdrawal amounts have increased.
The data reinforces a clear global trend: digital payments are expanding rapidly, particularly in emerging markets, even as cash continues to play a complementary role in financial ecosystems.
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