Emerging vs. Developed Economies
Emerging markets experienced big jumps in non-cash payments in 2011, according to the report. Non-cash transactions in Central Europe, the Middle East and Africa each increased by more than 20%; China and the Ukraine grew by more than 30% each. Latin America also experienced strong growth of more than 14%.
"You have the speed with which these emerging economies are developing economically and the huge populations they have in some of these regions that is driving this growth," explains Jean Lassignardie, Capgemini's chief sales and marketing officer.
Growth in non-cash transactions was slower in developed markets, the report found, with North America and Europe both recording single-digit growth rates in 2011. However, these two regions still account for nearly two thirds of the non-cash payments made worldwide.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio