For the first time, card payments will surpass cash
by Maria LaMagna
Is this the beginning of the end for cash?
As consumers have increasingly used credit and debit cards and made purchases online and on apps, they’ve used less and less cash; in 2016, consumers will spend a greater amount on cards than they do with cash for the first time, according to the market-research firm Euromonitor International, which has been tracking consumer payments over the last several decades.
In 2016, consumers worldwide will spend about $23.2 trillion in card payment transactions and $22.6 trillion in cash.