Do you remember the days when cash was the only accepted form of payment? For many, that seems like a long time ago. If you’re young enough, you probably don’t even remember this time. Digital payments have become extremely popular among both shoppers and businesses over the past decade. Whether you’re shopping online or trying to deposit and withdraw money when gambling online, it’s nice to know it is done in real-time, usually with little waiting.
Even though digital payments are far from rare, certain countries embrace and prefer them over cash. Let’s take a look at a list of countries leading the pack in digital payments.
China
When it comes to technology, China is always quick to embrace it. As a result, it should come as no surprise that China is one of the primary users of digital payments in the world. In 2023, it topped the list for countries using digital wallets. Digital payment apps such as Tenpay, WeChat, Alipay, and ApplePay are commonly used and lauded for their convenience.
Digital payments have become so widely used in China that people often don’t even carry a wallet with them. All they need is their smartphone. It is estimated that by 2027, 79% of the sales made in person at stores will use digital wallets.
Thailand
According to Statista, digital payment transactions in Thailand are expected to hit US$83.24 billion this year—representing more than a 20% increase over last year. Just like in so many other markets, digital payment methods are being widely embraced and adopted. Some of the most commonly used mobile payments and digital wallets include Cash App, Venmo, and PayPal.
It’s also important to point out that Thailand is starting to embrace blockchain technology payment systems too. Consumers love the ease of use, and with more businesses accepting this type of digital payment, it just helps it spread more.
Brazil
Here’s a statistic that may come as a shock: by the year 2027, it’s expected that digital payments will make up 41% of all payments in Brazil. There has been an exciting adoption of the technology that is pushing the trend forward. Credit cards still make up a larger market share, but if this trend keeps up, who knows what the future will hold?
India
Next up, we’ve got India, another big believer in digital payments. Google Pay and Paytm deserve credit for kickstarting the digital payment trend. One of the most used systems in India is QR code payments, which have made it possible to pay anyone, anytime. Throughout 2024, there was a staggering 164 billion digital payments in the country. Some suggest that number could be as high as 481 billion transactions by 2029.
United Kingdom
Europe is also entering the realm of digital payments, with many countries ranking high on the list. The United Kingdom has gone all in on digital payments, with PayPal the most common digital payment form used. This can be chalked up to reliability and trustworthiness since PayPal has been around for a long time—since 2003 in the UK. Just like in other countries, more businesses are accepting digital payments, which helps to push these numbers up.
Other Countries Embracing Digital Payments
Mexico, South Korea, Finland, Japan, Sweden, France, and the United States are other countries adopting digital payment apps and digital payment methods at breakneck speeds. So, while it may not be as accurate to say these countries prefer them, it’s certainly acceptable.
And let’s not forget that for these types of digital payments to work, people need access to smartphones and reliable high-speed data. That means you can start parsing out the data by smartphone usage and internet speeds. Countries such as Singapore, Switzerland, Romania, Monaco, and Hong Kong SAR (China) all have blistering internet speeds, making the transition to digital payment systems that much easier.
As for countries with the most smartphone owners, China, India, the United States, Indonesia, Brazil, Japan, and Mexico are high on the list. You can see how some of these countries start overlapping and showing up in both the internet speed and smartphone usage categories.
What Businesses Are Doing to Encourage Digital Payments
Another factor that is driving this trend forward is that businesses are actively encouraging digital payments. They are taking several steps to change the landscape and make digital payments the preferred option.
Companies are very aware that giving customers a variety of payment methods works to the advantage of both parties. Customers are more likely to purchase if the business accepts their preferred method of payment.
At the same time, customers need to feel safe and secure in terms of the transaction. If they are using a credit or debit card, they want to know there are security measures in place. Since the same can be said for digital payments, companies that are forthright and transparent about the security steps in place will increase customer confidence.
There is also ease of use. If a customer wants to use a digital payment, they likely value speed and simplicity. It’s up to the business to ensure that’s the case and that all transactions are quick and seamless.
There Is No Stopping This Trend
When it comes to digital payments, this isn’t just a trend—it’s a runaway train that can’t possibly be stopped. It will only continue to gain momentum as more customers and businesses embrace the convenience of this game-changing payment method.
