Tap a card, pay by phone, but cash still holds its own
Highlights
- The use of cashless payments continues to increase globally. Credit transfers are the fastest growing cashless payment method in emerging market and developing economies (EMDEs), while the growth in cashless payments in advanced economies (AEs) is mainly driven by growth in card payments.
- Fast payments are gaining ground and are a key driver behind the growth of credit transfers in EMDEs. Fast payments are increasingly used for small-value payments in both EMDEs and AEs.
- Cash withdrawals are declining. However, cash in circulation has largely stabilised, underscoring the enduring relevance of cash in economies.
Introduction
New technologies, payment system enhancements and evolving user expectations are changing the way people pay. Cashless payments, such as card payments, electronic fund transfers and e-money payments, have been rising for years. In particular, the introduction of retail fast payment systems and increased demand for convenience and speed have spurred the use of fast payments. Even so, it is impossible to imagine a world without cash, as it still plays a prominent role in people's lives.
This CPMI Brief highlights key retail payment trends as observed in the 2024 Red Book statistics. These statistics were collected in the second half of 2025 from member jurisdictions of the Bank for International Settlements' (BIS) Committee on Payments and Market Infrastructures (CPMI) and are publicly available at the BIS Data Portal. The Brief starts with an overview of the use of cashless payment methods and subsequently focuses on trends in fast payments. It then discusses global trends in cash in circulation and cash withdrawals. The Brief concludes with a summary of the key takeaways.
