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60% of world population use mobile wallet

The number of mobile wallets in use is on track to reach 4.8bn by 2025, up from 2.8bn in 2020, with nearly 60% of the world’s population using digital payments, according to Capgemini’s 2022 Top Trends in Payments report

The report found that digital wallets are expected to overtake cash as card is the most popular in-store payment method and by 2024, cash is set to account for less than 10% of in store payments in the UK and 13% of global payments. In 2020, cash payments fell by 50% in the UK, mainly due to the pandemic.

It also found that globally, contactless in-store payments through a mobile wallet exceeded in-store cash and card payments for the first time in 2020 and by 2024, digital wallets will account for one in three in-store transactions.

By 2022, the report states that non-cash transaction volume is set to reach 1.8 trillion worldwide, up from 780bn in 2020.

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