A report by Wordplay forecasts that by 2030, digital payments will match cards and cash transactions, reflecting a shift in global payment landscape driven by technological advancements and changing consumer preferences.
The 10th edition of The Global Payments Report (GPR 2025), provides a comprehensive overview of the consumer-to-business payments landscape worldwide, across regions, and in 40 selected markets, which together represent 88% of global GDP based on IMF data. The report examines payment methods used for online and in-store transactions, highlighting trends through payment method share analysis.
Digital payments, encompassing methods like digital wallets, account-to-account (A2A) transfers, buy now pay later (BNPL) services, and cryptocurrencies, have been growing at an extraordinary pace. Worldpay’s Report reveals that spending through digital payment methods surged from $1.7 trillion in 2014 to $18.7 trillion in 2024 globally, with a projection to exceed $33.5 trillion by 2030.
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Several factors are driving this shift. First, the proliferation of smartphones has been a game-changer. Mobile devices’ share of global e-commerce spending tripled from 19% in 2014 to 57% in 2024, with projections estimating 64% by 2030. This has fueled the adoption of mobile-based digital payments. Second, consumer demand for convenience, speed, and security has accelerated the move away from cash, especially during the pandemic era, which boosted contactless and online transactions.
Notably, the report revealed that cash share of payments value plummeted in the past decade yet demand for cash persists. Cash was more important a decade ago, representing 44% of global point-of-sale spending in 2014, slightly more than $16 trillion.
Despite its prominence, cash was in free fall. It fell from 44% of global PoS transaction value in 2014, to 26% in 2019. The pandemic accelerated the need as contactless payments soared. For 2024, Worldpay estimate of cash use globally is 15% of PoS value, just one third of its 2014 share and a $10.5 trillion in reduction value.
Nigeria’s Digital Payments Landscape and Card Market Shift
The Nigerian Inter-Bank Settlement System (NIBSS) continues to drive financial inclusion through NIBSS Instant Payments (NIP) and NQR, expanding digital payment accessibility. According to the World Bank, Nigeria’s banked population rose from 30% in 2011 to 45% in 2021, a significant increase over the decade.
Also, a dramatic shift in card scheme market share has been observed, with a move away from global networks like Mastercard and Visa toward Verve, Nigeria’s domestic card scheme. Verve has established dominance in Nigeria’s debit card market, as domestic transactions in Naira offer cost advantages over USD-denominated international schemes. While debit card usage continues to grow, credit card penetration remains relatively low.
In summary, Worldpay’s forecast hinges on the exponential growth of digital payment methods, especially wallets and A2A systems, supported by mobile technology, regulatory backing, and a global push toward cashless economy.
By 2030, digital payments could account for a majority of transaction value—potentially 79% of online and 53% of in-store spending—effectively matching or surpassing the legacy systems of cash and cards, marking a pivotal moment in the evolution of how we pay.