Emerging Markets See Strong Growth in Noncash Payment Transactions

“Mature markets accounted for 77% of the total volumes [of noncash transactions] but ... growth rates are higher in the developing markets—18.7% versus 6.2% in the mature markets in 2011. Much of the growth in the developing markets was driven by Emerging Asia, and Central Europe, Middle East, Africa (CEMEA). These regions have a low share of the global total of noncash transactions, but investments in payments services and infrastructure are helping them to grow significantly off a low base.”

—World Payments Report 2013

Growth In Noncash Payment Transactions 2008-12

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The US Fed will likely soon slow its monthly investments in US Treasuries and fixed-income instruments. It is unlikely that the European Central Bank and Bank of Japan will do the same. What effect will this monetary policy divergence have on global currency markets?