Cash is on its way out. Yes, we’re aware this notion has been part of the dialogue ever since the advent of digital payments. But how quickly will cash be replaced as its use is reduced? That’s unclear. Most people look at 2020 as year when there will be a significant shift.

And then there’s the question, which country will be the greatest displacer?

A recent report by Finastra, says that will be – surprise, surprise- China. According to the report, released last week, China will see the largest replacement of cash for digital payments thanks to payment mammoths like Alipay, WeChat Pay and Weixin Pay.

By 2020, the report says non-cash payments will reach 65% of all payments in China and 45% in India, another major market that will catalyze cash replacement.

The report shows a steady an increase in the transaction volume of mobile payments across the globe. In 2015, this transaction volume was $450 billion globally, in 2017 it was $780 billion. That’s a growth of over 73% in just 2 years. The report predicts mobile payment transaction volume will reach $930 billion in 2018.

Cash, however, will not be fully replaced. This is especially true in underdeveloped economies, which have yet to catch up on digitalization.

Download the full report here.