Financial Cards and Payments

The COVID-19 pandemic has significantly influenced payment habits in Hungary, leading to an increased reliance on cards, online payments and smartphone applications. This trend continued as pandemic-related restrictions were gradually lifted…

Electronic payment has been the fastest growing mode of payment in Indonesia in 2023. The very high use of digital wallets, QRIS (Quick Response Code Indonesia Standard - a QR code standard developed by Bank Indonesia and Indonesian Payment System…

In 2023, Israel is experiencing a notable surge in the use of digital wallets, largely driven by the rising number of providers and the inherent convenience they offer. The entry of major players like Apple Pay in late 2021 significantly boosted the…

Japan’s transition to a cashless society has been accelerating in 2023. The Ministry of Economy, Trade and Industry (METI) developed the “Cashless Vision” in 2018, aiming to increase the cashless payment ratio to 40% by 2025. Due to COVID-19,…

Financial cards and payments in Mexico in 2023 has been marked by growth, and adaptation to consumer needs. Post-pandemic economic recovery has been playing a pivotal role in boosting card usage and transaction volumes and values. This recovery,…

Morocco’s commitment and investments in financial inclusion are paying off, with the nation having recorded double-digit growth in account ownership since 2017; this makes Morocco one of only four countries worldwide to achieve this. According to the…

Nigeria continues to be a cash economy, though debit cards in particular are growing in popularity. Also, in 2023, this growth was further amplified, due to a cash shortage, as there was insufficient supply of the newly designed naira. As a result,…

Financial cards and payments in Norway is witnessing a moderate performance in 2023, with flat volume growth and steady growth in card transactions. There has been a steady recovery in transaction spend since 2021, following the heavy declines…

Financial cards and payments have indeed witnessed substantial growth in 2023. However, this growth has seen a notable slowdown due to consumers adopting a more cautious approach to spending. Factors contributing to this caution include the sluggish…

Financial cards and payments in Poland is undergoing substantial change with the continued increase in non-cash transactions in 2023. Card operators are focused on providing access to a variety of payment methods so that the consumer and merchant can…

Romania lags behind in financial inclusion compared to other nations, showcasing a lower uptake of basic financial services, primarily due to a trifecta of factors: low financial literacy levels, a significant grey economy, and a widespread…

The two pandemic years boosted the use of financial cards in Sweden. While the use of cash in the country was already exceptionally low by global standards at the start of the review period, its role diminished further during the pandemic due to…

In 2023, electronic and mobile payments have taken centre stage, greatly reducing reliance on cash transactions in Taiwan. Local residents have enthusiastically adopted various digital payment options, particularly digital wallets, which have emerged…

Cash remains an important mode of payment in the Czech Republic, especially in rural areas, although modernisation is driving growth in financial cards and payments. The expansion of POS terminals in retail stores is driving financial card…

In 2023, the Netherlands is experiencing its first full year without COVID-19 restrictions, leading to significant shifts in the payments landscape. For offline payments, this has resulted in a notable increase in card payments and proximity mobile…

A significant shift is underway in the realm of Dutch public transport, as the familiar OV chipkaart is being gradually phased out and replaced with a more versatile system known as OVpay. Since the start of 2023, travellers on public transport have…

2023 is witnessing a substantial increase in both the volume and value of financial cards overall, primarily driven by government initiatives aimed at encouraging cashless payments. Debit cards, credit cards, and pre-paid cards are all seeing healthy…

Financial cards and payments performed well in Italy in 2023, both in terms of the number of cards in circulation and the value of transactions. Growth was underpinned by the growing trend towards cashless payments, even for smaller amounts, thanks…

Financial cards and payments in Malaysia in 2023 exhibited significant continuation with 2022 in terms of the direction of travel in the post-Coronavirus (COVID-19) period. The strong moves towards a cashless society in Malaysia, pushed by the…

Saudi Arabia has taken significant steps to transform itself into a cashless society – starting even before the event of the COVID-19 pandemic, which triggered digital evolution in industries globally. In this regard, the Kingdom of Saudi Arabia…