Cash still matters, and it won't go away anytime soon, according to the chief technology officer at PayPal.
Many companies are trying to create a digital payments economy, but they face stiff competition from regular currencies, according to Sri Shivananda, senior vice president and chief technology officer at PayPal.
"The competition is cash," Shivananda told CNBC in an interview last month. "It's not even, like, you're fighting for each other's volumes. It's actually cash."
The study found that emerging markets are expected to drive the upward trend. Developments in new technologies such as contactless bank cards, wearable devices and augmented reality will drive cashless transactions in the future, according to the study.
Still, it acknowledged that cash remained the main method of payment among users. In fact, other research findings and surveys have demonstrated that many around the world still prefer to use cash.