E-payments add $296bn to global GDP


KARACHI: Visa Inc. on Wednesday released the results of a new 2016 study conducted by Moody’s Analytics that analysed the impact of electronic payments on economic growth across 70 countries between 2011 and 2015.

The Visa-commissioned study found that increased use of electronic payment products, including credit, debit and prepaid cards, added $296bn to GDP, while raising household consumption of goods and services by an average of 0.18pc per year.

In addition, Moody’s economists estimate that the equivalent to 2.6 million new jobs were created on average, annually, over the five-year period as a result of increased use of electronic payments.

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