The report cited three main drivers for the strong growth: financial inclusion initiatives in developing countries, rise of contactless in more mature markets, and the hygiene concerns around cash during COVID-19.
UnionPay – the world’s largest card payment organisation based out of Shanghai – accounted for just under half of the world’s card payments last year at 45%.
In China, UnionPay accounts for 93% of total card payments.
RBR’s report finds that the growth in China is down to the use of debit cards shifting. Previously used as a way to withdraw cash, debit cards in China are now increasingly used for everyday payments.