The total number of card payments across the globe will reach 483 billion by 2022, more than double the rate that card numbers will grow, a study by London-based research firm RBR found.

Card payments will more than double by that time with a growth of 56%, according to the study, which was released yesterday. This rate is compared to the 14% growth in payments for 2016, when payments grew to 310 billion around the globe.

In 2016, card numbers only grew 8%, according to RBR. The upcoming rise in global card payments can be attributed to a few factors, with both fast-growing and mature markets increasing their use of card payments, the study said.

For areas like France and the United Kingdom, the continuing popularity of contactless technology has been “key to the growth of card payments,” according to the study.

In areas where contactless payments are not quite so prolific, factors like financial inclusion programs will contribute to rising card payments, RBR found.

RBR said:

All regions will see faster growth in card payments than in card numbers. In both the Middle East and Africa (MEA) and central and eastern Europe (CEE), RBR projects the total number of card payments to more than double between 2016 and 2022.

People in these regions do not use cards frequently for payment in comparison to North America and western Europe. RBR’s research suggests that financial inclusion programmes and rising card acceptance in developing markets will be a common factor in increasing consumer use of payment cards.

Take a look at the full study here.

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