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Visualizing the Rise of Digital Payment Adoption

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Digital Payments Infographic

Digital Payments: The Evolution of Currency

Over the last decade, the digital payments landscape has undergone a structural shift.

Consumer behaviors are changing—moving towards contactless and cashless transactions. Meanwhile, as the magnitude of COVID-19 grows, these trends have only accelerated.

Today’s infographic navigates the digital payments ecosystem, exploring its history and innovative technologies, and how it continues to grow as a solution of choice for trillions of dollars of transactions each year.

Digital Payments Timeline

The origins of digital payments began over 25 years ago with then 21 year-old entrepreneur Dan Kohn in Nashua, New Hampshire, who sold a CD over the internet via credit card payment.

  • 1994: First online purchase is made
    A CD of Sting’s Ten Summoner’s Tales is sold for $12.48 on NetMarket.
  • 1997: First mobile payments and first contactless payments
    Coca-Cola installs two vending machines in Helsinki that accept payment by text message.
  • 1999: Paypal launches electronic money transfer service
    Early on, PayPal’s user base grew nearly 10% daily. Tesla CEO Elon Musk and venture capitalist Peter Thiel were among its co-founders.
  • 2003: Alibaba launches Alipay in China
    Today, the mobile payment platform has witnessed stunning growth — leveraging digital wallets accepted by merchants in over 50 countries and regions.
  • 2007: M-PESA creates the first payments system for mobile phones
    Kenya-based M-PESA launched its mobile banking and microfinancing service. Today, it has over 37 million active users on its platform across Africa.
  • 2009: Bitcoin enables secure, untraceable payments
    Satoshi Nakamoto develops the first decentralized payment network in the world.
  • 2013: WeChat Pay is rolled into the popular messaging platform
    By 2018, it surpasses 800 million monthly active users.
  • 2014: Apple Pay launches
    By 2023, over $2 trillion of mobile payment transactions could be authenticated by biometric technology.

As technological advances continue to unfold, advances in digital payment technologies are creating ripple effects globally.

Geographical Differences in Adoption

Unsurprisingly, the sheer volume of digital payments has continued to grow at a double-digit pace, now surpassing the $4.1 trillion mark.

How do cashless payments break down across different countries?

CountryDaily Average Volume of Cashless Payments Average Annual Cashless Payments Per Person
Singapore 13M831
South Korea 77M547
Sweden15M529
Netherlands24M505
U.S.444M495
UK82M448
Canada40M393
Belgium12M372
France64M363
Switzerland7M299
Germany61M269
Russia95M237
Spain24M185
Brazil95M166
China543M142
Italy18M111
Turkey17M77
Indonesia30M42
Mexico14M40
India67M18

Source: BIS

Singapore has the highest number of cashless payments per individual, averaging 831 cashless payments annually. The country’s robust e-commerce market is supported by high-speed, reliable internet and a young, tech-savvy population.

With e-commerce spending accounting for about 6% of South Korea’s national GDP, it is another leading purveyor of a cashless society. Meanwhile, Sweden is projected to become a cashless nation as early as 2023.

Pivotal factors—including core infrastructure, consumer behavior and rising revenues—provide a glimpse into the rapidly changing payment horizon.

The Future of Digital Payments

As transactions rise, a number of other technological innovations could be instrumental to shaping the evolution of the digital payments industry:

  1. Messaging-app payments
    Facebook Messenger, WhatsApp, and WeChat can leverage the reach of billions of users.
  2. Voice-activated commands
    Paying for gas, groceries, or retail via voice could soar.
  3. Peer-to-peer (P2P) payments
    Bank of America and Visa are investing heavily into P2P partnerships.
  4. Cryptocurrencies
    Over one million transactions take place daily on average.
  5. Biometric payments
    Smartphone biometric security features could spur traction across digital payments.
  6. Facial recognition
    May soon replace QR codes across retail, transit, and airports in China.
  7. Crypto wallet adoption
    Blockchain wallet users are predicted to soar to 200 million by 2030.
  8. Hardware & in-store interfaces
    Square, Stripe, and Clover are driving new mobile processing integrations.
  9. The $4.1T digital payments ecosystem is facing a notable transition, catalyzed by a wave of global advancements and disruption. As the industry continues to widen its reach, consumers and investors alike can benefit from the shift towards a cashless economy.

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Ranked: Largest Semiconductor Foundry Companies by Revenue

Most of the 10 largest semiconductor foundries in the world, are headquartered in just three Asian countries, accounting for 90% of the entire industry’s revenue.

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A cropped chart showing the largest semiconductor foundry companies by their percentage of global revenues in Q1 2023.

Ranked: Largest Semiconductor Foundry Companies by Revenue

They’re in our phones, cars, planes, and even fridges.

Semiconductor chips have become critical for the modern way of life, and the biggest semiconductor foundry companies rake in billions of dollars from widespread demand.

This chart shows the largest semiconductor foundry companies by their percentage of global revenues in Q1 2023, using data sourced from Trendforce.

ℹ️ We highlight data for companies that only operate foundries (fabrication plants) that manufacture chips for clients, also known as a “pure-play” foundries, as well as companies that design and manufacture their own chips, known as integrated device manufacturers. “Fabless” manufacturers that only design and don’t manufacture their own chips are not included.

Semiconductor Foundry Companies by Revenue

At the top of the list and dwarfing every other company by revenue share is TSMC which earned 60% (or nearly $17 billion) of the entire industry’s revenue in Q1 2023.

Founded in 1987, TSMC is a pure-play foundry that has become Taiwan’s largest company and manufactures products for a host of clients including Apple, NVIDIA, and AMD.

RankCompanyCountryRevenue
(Q1 2023, USD)
1TSMC🇹🇼 Taiwan$16,735M
2Samsung🇰🇷 South Korea$3,446M
3GlobalFoundries🇺🇸 US$1,841M
4UMC🇹🇼 Taiwan$1,784M
5SMIC🇨🇳 China$1,462M
6HuaHong Group🇨🇳 China$845M
7Tower Semiconductor🇮🇱 Israel$356M
8PSMC🇹🇼 Taiwan$332M
9VIS🇹🇼 Taiwan$269M
10DB Hitek🇰🇷 South Korea$234M
Other$556M
Global Total$27,860M

Note: Revenue based on the following conversion rates: USD 1 = WON 1,276; USD 1 = NTD 30.4.

Well behind TSMC in foundry revenues is integrated device manufacturer Samsung, the biggest company in South Korea, which made $3.4 billion (12.4% of the industry’s revenue) from its semiconductor manufacturing business.

GlobalFoundries from the U.S., UMC from Taiwan and SMIC from China round out the top five, with each taking home around 6% of industry’s revenue share in Q1 2023. The former spun out from AMD’s manufacturing arm when the company went fabless in 2009.

Industry concentration is apparent in semiconductors. For example, the top 10 semiconductor foundry companies account for 98% of the entire industry’s revenue. Furthermore, 90% of the market is dominated by companies in just three Asian countries: Taiwan, South Korea, and China.

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