Tap, click and pay: how digital payments seize the day

CPMI Briefs  |  No 3  | 
13 February 2024


  • The use of digital payment methods continues to increase, particularly for small amounts. In tandem, cash withdrawals and the number of small-denomination banknotes in circulation have declined.
  • Fast payments reached new heights and are a prominent driver of the digitalisation of countries' payment ecosystems.
  • Even so, consumers continue to use cash to pay at home and abroad: both cross-border card and e-money payments and cross-border cash withdrawals increased sharply in 2022.

It is nearly impossible to imagine a world without digital payments. Due to technological innovations and increased demand for convenience, speed, and safety, payments by cashless payment methods, such as card, e-money and credit transfers, have been on the rise for many years. These trends accelerated over the Covid-19 pandemic and their growth has steadily continued since. One exciting development, in particular, is the rapid and widespread growth of fast payments.

This CPMI Brief highlights key payment trends as observed in the 2022 Red Book statistics. These statistics were collected in the second half of 2023 from member jurisdictions of the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) and are available at the BIS Data Portal

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