Infographic: Plastic finally overtakes cash
Data whiz and visual storyteller
For the first time, money spent on debit and credit cards around the world totaled more than was paid in cash.
Plastic’s new leader status comes from the findings of market research firm Euromonitor International, which has tracked consumer payment types for decades. Its late 2016 reading shows card purchases registering at $23.2 trillion dollars globally, compared to $22.6 trillion spent in cash.
Ten years ago, the amount spent on cards was only about half the cash expenditures, at $7.6 trillion versus $14.9 trillion, respectively. But while cash has climbed about 52 percent over the past decade, the rise of credit and debit transactions has been much steeper, at about 305 percent.
It’s a trend that’s expected to continue, with Euromonitor projecting card spending to grow 6.6 percent annually from 2016-2021, compared to a forecasted annual gain of just 1.3 percent for cash during the same period.
To use the graphic on your site, use the following code:
- Americans are more focused on their waistlines than their bottom line – Americans are more focused on their waistlines than their bottom lines, a TD Bank survey finds. Millennials, though, buck the trend. They put financial goals ahead of health goals ...
- Millennials redeem card rewards for travel the most; silent generation the least – Millennials are the biggest travel rewards redeemers, a Discover survey finds. The silent generation redeems rewards for travel the least ...
- Fewer Americans stick to financial lessons of Great Recession – Fewer Americans are sticking to the financial lessons they learned in the Great Recession, the American Institute of CPAs finds ...