Digital Cashless Payments in China Grew 48% in 2018: Bank for International Settlements
Data from the Bank for International Settlements (BIS) indicates that cashless payments in China are continuing to see robust growth.
Chinese cashless payments posted 48% growth in 2018 according to figures from BIS, ahead of Indonesia, which saw growth of 23% and Russia, where growth was around 35%.
In 2018 India saw the most rapid growth in cashless payments at 55%. In sharp contrast developed economies saw far slower growth given the entrenched position of card transactions. The UK, for example, saw just 10% growth in cashless payments.
BIS data further indicates that China saw 142 cashless payments per person in 2018, as compared to 529 for Sweden, and 18 for India.