Migration to electronic payment systems has added nearly USD 296 billion to GDP across the 70 economies during the period, while raising household consumption of goods and services by an average of 0.18% per year, according to the results of a study released by Visa Inc. and conducted by Moody's Analytics, focustaiwan.tw reports.
In addition, Moody's economists estimate that the equivalent to 2.6 million new jobs was created on average annually over the five-year period as a result of increased use of electronic payments. The 70 countries included in the study make up almost 95% of global GDP.
Three Asian economies enjoyed the biggest lifts in GDP because of increased card usage. Thailand saw its GDP rise by 0.19%, Vietnam enjoyed a 0.14% boost, and Singapore saw an increase of 0.1%. The three economies were followed by Taiwan, which enjoyed a 0.09& lift in GDP, tied with Hong Kong for fourth place on GDP growth in the Asia-Pacific region due to increased use of electronic payments.
Overall, increased use of electronic payments boosted GDP growth in the region by 0.06% on average. Notably, the two countries with the greatest average job increases as a result were China (427,000 jobs) and India (336,000 jobs). Migration to electronic payments created 43,600 jobs on average per year in emerging countries, higher than the additional 14,800 jobs in developed countries.
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