The Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) published a brief analysing retail payment trends drawn from the 2023 Red Book statistics, pointing to continued growth in cashless payments and widening adoption of fast payments alongside an ongoing decline in cash in circulation. Despite this digitalisation, withdrawals have generally stabilised, suggesting cash continues to play a lasting role. Cashless payments per capita rose 29% in emerging market and developing economies (EMDEs), from 293 to 377, versus 4% in advanced economies (AEs), from 468 to 487, with EMDE growth led by credit transfers (+35%) and e-money (+48%). The value of cashless payments as a share of GDP fell 9% in AEs and plateaued in EMDEs, while average credit transfer values declined to USD 6,169 in AEs and USD 3,220 in EMDEs, consistent with more small-value digital payments. Fast payments’ share of total cashless payments ranged from 1% in France to 82% in India, with per capita volumes highest in Brazil (193) and Argentina (179), and average values spanning from USD 24 (India) to USD 3,652 (Japan); higher fast-payment uptake was associated with lower cash in circulation and smaller average card transactions. The brief also notes sharp increases in non-bank payment accounts in Mexico (more than 65% per capita growth between 2020 and 2023) and Argentina (more than 200%), and reports that while cash in circulation continued to fall (8% of GDP in AEs and 7% in EMDEs), cash withdrawals stabilised (6% of GDP in AEs and 15% in EMDEs).
Bank for International Settlements - Committee on Payments and Market Infrastructures 2025-03-25
Bank for International Settlements Committee on Payments and Market Infrastructures highlights fast payments driving cashless growth while cash withdrawals stabilise
The Bank for International Settlements Committee on Payments and Market Infrastructures published a brief on 2023 Red Book statistics highlighting continued growth in cashless and fast payments, particularly in emerging market and developing economies, alongside a further decline in cash in circulation. The analysis shows rising small-value digital transactions, sharp increases in non-bank payment accounts in Mexico and Argentina, and stabilising cash withdrawals, indicating cash remains in use despite ongoing digitalisation.