According to a recent study by U.S. Bank, 46 percent of people say that they do cash transactions less than eight days a month and 5 percent say they never use cash. Even if they do cash transactions, the amount spent is on the lower side. Most people keep less than $50 cash in their wallet. While for smaller transaction values cash remains the predominant mode of payment, spending through digital payment modes are on the rise.
It is predicted that by 2025, the overall spending through digital wallets will have increased by ten folds!
In this ebook, we outline how digital payments have evolved over the years, the current state of the industry and what lies in the future.
We hope professionals across domains will find this ebook useful in understanding the landscape of the digital payments industry and plan ahead for the evolution of a cashless world.