The increased use of electronic payment products, including credit, debit and pre-paid cards has added $6.08 billion to India gross domestic product between 2011 and 2015.
The increased use of electronic payment products, including credit, debit and pre-paid cards has added $6.08 billion to India gross domestic product between 2011 and 2015. Globally, such transactions have added $296 billion to GDP.
A study conducted by Visa along with Moody’s analytics on the impact of electronic payments on economic growth across 70 countries between 2011 and 2015 revealed that the increased card usage added 10.4 million jobs globally with the second highest increase in India, which added 3.36 lakh jobs during the period. China witnessed the highest employment generation at 4.27 lakh jobs due to rise in card usage. In emerging economies, the report highlighted that one per cent increase in card usage could contribute $29 billion to GDP. Both emerging markets and developed nations experienced gains in consumption due to higher card usage. Increased card usage added 0.2 per cent to consumption in emerging markets, compared to 0.14 per cent in developed countries between 2011 and 2015.
