Higher use of electronic payment systems can add to GDP and household consumption, according to a study done by Moody’s Analytics.
The study, which covers 70 countries worldwide between 2011 and 2015, was commissioned by Visa Inc, one of the largest electronic payment platform providers around.
The use of credit, debit and prepaid cards helped to add US$298 billion ($412 billion) to the GDP of the 70 countries, which collectively contribute nearly 95% of global economy; it also raised household consumption of goods and services by an average of 0.18% a year.
“Electronic payments are a major contributor to consumption, increased production, economic growth and employment creation,” says Mark Zandi, Moody’s Analytics chief economist.
“Those countries which saw large increases in card usage also saw larger contributions to overall growth in their economies,” he adds.
Besides adding to the GDP, Moody’s estimates that the equivalent of 2.6 million new jobs were created on average per year over the 2011-2015 period.
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The study, which covers 70 countries worldwide between 2011 and 2015, was commissioned by Visa Inc, one of the largest electronic payment platform providers around.
The use of credit, debit and prepaid cards helped to add US$298 billion ($412 billion) to the GDP of the 70 countries, which collectively contribute nearly 95% of global economy; it also raised household consumption of goods and services by an average of 0.18% a year.
“Electronic payments are a major contributor to consumption, increased production, economic growth and employment creation,” says Mark Zandi, Moody’s Analytics chief economist.
“Those countries which saw large increases in card usage also saw larger contributions to overall growth in their economies,” he adds.
Besides adding to the GDP, Moody’s estimates that the equivalent of 2.6 million new jobs were created on average per year over the 2011-2015 period.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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