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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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Charted: The Jobs Most Impacted by AI

We visualized the results of an analysis by the World Economic Forum, which uncovered the jobs most impacted by AI.

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Charted: The Jobs Most Impacted by AI

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Large language models (LLMs) and other generative AI tools haven’t been around for very long, but they’re expected to have far-reaching impacts on the way people do their jobs. With this in mind, researchers have already begun studying the potential impacts of this transformative technology.

In this graphic, we’ve visualized the results of a World Economic Forum report, which estimated how different job departments will be exposed to AI disruption.

Data and Methodology

To identify the job departments most impacted by AI, researchers assessed over 19,000 occupational tasks (e.g. reading documents) to determine if they relied on language. If a task was deemed language-based, it was then determined how much human involvement was needed to complete that task.

With this analysis, researchers were then able to estimate how AI would impact different occupational groups.

DepartmentLarge impact (%)Small impact (%)No impact (%)
IT73261
Finance70219
Customer Sales671617
Operations651817
HR57412
Marketing56413
Legal46504
Supply Chain431839

In our graphic, large impact refers to tasks that will be fully automated or significantly altered by AI technologies. Small impact refers to tasks that have a lesser potential for disruption.

Where AI will make the biggest impact

Jobs in information technology (IT) and finance have the highest share of tasks expected to be largely impacted by AI.

Within IT, tasks that are expected to be automated include software quality assurance and customer support. On the finance side, researchers believe that AI could be significantly useful for bookkeeping, accounting, and auditing.

Still interested in AI? Check out this graphic which ranked the most commonly used AI tools in 2023.

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