The use of digital payments – those made without cash or cheques – continued to grow in 2022, spurred in part by a surge in the use of fast or “real-time” payments, according to the latest Red Book statistics from the BIS Committee on Payments and Market Infrastructures.
As digital payments jumped, cash withdrawals and the number of small-denomination banknotes in circulation declined.
Nevertheless, there is still a considerable demand for cash, both as a store of value and means of payment. For example, the Red Book statistics show that cross-border cash withdrawals increased sharply in 2022 after a stark decline during the pandemic.
For more insights, read the CPMI Brief here: https://bit.ly/3HUIcBV
Check out the full array of Red Book statistics at the BIS Statistics Portal https://bit.ly/3HZDtyR
