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Further steps towards a cashless society
11 Sep 2009

The World Payments Report 2009 has been published this week, indicating that the world may be moving closer towards a cashless society.

Apparently, non-cash payments increased 8.6 per cent globally in 2007 - and this trend continued last year.

Some 250 billion transactions were made without cash two years ago, according to the report from Capgemini, Royal Bank of Scotland and Efma.

Use of cards was "the single strongest driver for this growth" with credit and debit card transactions across the world growing 14.5 per cent in 2007 and 11.2 per cent in 2008. 

The US and eurozone accounted for 61 per cent of transactions, while developing economies appear to be growing their share of the global transaction market each year.

Another contributor to a cashless society comes from UK-based eCash network sQuidcard, which provides a contactless smart card that can be used in school catering, bus travel and a selection of retail outlets across the country.