According to a recent study by management consultants A.T. Kearney, the share of non-cash payment transactions will increase dramatically and successful suppliers will have to meet the significant challenges presented by the different payment methods.
The same source points out that the number of cashless payment transactions in the 27 countries of the European Union will increase from about 90 billion currently to more than 175 billion by the year 2020, representing an annual growth rate of 8 percent. By comparison, until recently, the market was growing at only 5 percent annually.
From a global perspective, about one-third of 280 billion non-cash payments are currently being made in Europe. For individual citizens, this means that the current average of 600 per capita payment transactions annually per head will rise to around 800. The proportion of cash payments will decrease to 60 percent by 2020 and the share of non-cash payments will rise accordingly.
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