The use of non-cash transactions continue to grow from strength to strength, particularly in China. From 2014 to 2015, global non-cash transaction volumes grew 11.2% to reach US$433.1 billion in volume, according to the recently published World Payments Report.

Developing nations were the drivers in non-cash transactions contributing 30% of global volume representing a growth rate of 21.6%. In comparison, mature markets contributed 70% of non-cash transaction volume with a growth rate of 6.8%.

In China, digital payment platforms have continued to experience continued growth. Alipay and TenPay (WeChat Payment) together make up 92% of the mobile payment market, according to data from iResearch. Overall, 2016 saw Chinese mobile payments reaching 58.8 trillion yuan (US$8.6 trillion) representing a 381.9% year-over-year growth.

iResearch predicts mobile transaction volume is expected to grow at a 68% rate over the next 2 years. The World Payments Report shows that China surpassed Brazil as the third-largest market for non-cash transaction volumes. From 2014 to 2015 Chinese volumes grew from 63.2% as result of the adoption of digital payment initiatives in rural areas of the country. Around 373 million rural Chinese residents made payments via mobile banking apps in 2016, an increase of 35% according to People’s Bank of China data.

India has also been making progress in the non-cash payments market. Prior to India’s sudden banknote demonetization last year, the government made efforts to set-up a payments system, the Unified Payments Interface, to allow instant fund transfer between bank accounts via a mobile platform.

According to National Payments Corporation of India, the first quarter of 2017 saw 26 million transactions on the platform, which was still 14 million short of the Indian Finance Ministry’s target.