Managers bullish on payments as Covid-19 accelerates 'one of the most attractive secular trends'

Asia Pacific leading the way in cashless transactions

The ongoing move to cashless payments has emerged as "one of the most attractive secular trends" within global stockmarkets, as economies worldwide continue to transition towards a cashless society.

Global non-cash transaction volumes grew by 14% through 2018 and 2019, the fastest rate in over a decade, to 708.5 billion, the latest World Payments Report from Capgemini showed. Asia Pacific grew by 25% in 2019 to become the non-cash transaction world leader at 243.6 billion, driven by the widespread adoption of mobile payments and digital wallets. While the coronavirus pandemic has slowed this rate as economies tipped into recession and consumer spending fell, structural shifts as a result of the health crisis are expected to accelerate the adoption of cashless payments. Global loc...