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The use of digital payment methods, driven by convenience and safety, is increasing steadily, especially for small transactions, leading to a decline in cash withdrawals and small-denomination banknotes. Fast payments are experiencing significant growth and are pivotal in driving the digitalization of payment ecosystems globally. Despite this shift towards digital payments, consumers still rely on cash both domestically and internationally, with cross-border cash withdrawals and payments rising sharply in 2022.
These trends are outlined in the 2022 Red Book statistics collected by the Bank for International Settlements Committee on Payments and Market Infrastructures (CPMI), indicating a significant shift in global payment behaviors.
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