Higher rate of Electronic Payments contributed additional $296 billion to consumption between 2011 and 2015: Moody’s
NEW DELHI, 11th March, 2016: Moody’s Analytics have released their latest report “The Impact of Electronic Payments on Economic Growth”. In the report where the research firm has analyzed macroeconomic data for 70 countries between 2011 and 2015. By calculating the impact of card usage on per capita consumption, Moody’s Analytics has extrapolated the impact that the increase in spending on goods and services had on consumption and thereby GDP.
Moody’s Analytics estimated that higher card usage contributed an additional $296 billion to consumption between 2011 and 2015, or a 0.1% cumulative increase in global GDP during the sample time period. That equals about a $74 billion contribution to GDP
The report found Real consumption grew at an average of 2.3% in the same period, of which 0.01 percentage point is attributable to increased card penetration. This implies that card usage accounted for about 0.4% of growth in consumption, as well as an average increase of 2.6
million jobs over 2011-2015.