The new Visa-sponsored 2016 study was conducted by Moody’s Analytics, which looked at the impact of electronic payments on economic growth across 70 countries between 2011 and 2015.
Moody’s economists estimated that an equivalent of 2.6 million new jobs was created on average per year over the five year period as a result of increased use of electronic payments. The 70 countries in the study make up almost 95 per cent of global GDP.
“Electronic payments are a major contributor to consumption, increased production, economic growth and employment creation,” noted Mark Zandi, Chief Economist of Moody’s Analytics.
He added: “Those countries which saw large increases in card usage also saw larger contributions to overall growth in their economies.”
