Electronic Payments Help Drive Economic Growth
Fecha Viernes, julio 04 @ 10:24:21
Tema Pago Electrónico :: e-Payment
| Electronic payments play a "significant and sizeable" role in promoting economic growth and development, according to a new white paper developed by Visa International and Global Insight.
The paper identifies four key areas - domestic economic growth, international economic growth, economic efficiency, and capital accumulation - where electronic payments, including card-based payments, can help drive growth and efficiencies.
-- In the U.S., growth in card payments added an additional $6.5 trillion to real consumer spending between 1980 and 2000. Without this growth in spending, the cumulative loss to GDP would have been almost $10 trillion - the equivalent of 1.3 million new jobs - and would have reduced GDP growth by 0.5 percent per year.
-- This stimulative effect generally holds true across a wide variety of international economies. An analysis of 50 countries worldwide, ranging from Egypt to Canada, found that on average, an increase of just 10 percent in the existing share of card payments in a country would stimulate an increase of 0.5 percent in consumer spending.
-- Electronic payment networks, by increasing the efficiency and velocity of payments, have the potential to create cost savings of at least 1 percent of GDP annually over paper-based systems in any given economy.
-- A new class of debit-based payment products, such as payroll cards, have the potential to act as "gateway" products for unbanked population segments into the banking system, helping to draw individuals and capital into the mainstream economy. In a simulation of the U.S. economy by Global Insight, it was found that a 10 percent shift of currency into deposits or other reserves that can be used for lending has the potential to increase the level of GDP by more than 1 percent annually.
"Electronic payments are at a critical threshold of growth," according to the white paper. "In developed economies, the continued expansion of payment options will be a key factor in reducing friction and creating economic efficiencies. In developing or transitional economies, electronic payment systems can play a powerful role in modernizing financial systems, creating economic transparency and contributing to greater predictability, liquidity and stability."
FINCA International, a nonprofit microfinance organization that provides small loans to the self-employed poor in developing economies to begin or expand their small businesses, joined Visa at the conference. The two organizations have been exploring how electronic payment products can enhance the microfinance process.
| Este artículo proviene de Kalysis Community
https://kalysis.com/content
El URL de esta nota es:
https://kalysis.com/content/article.php?sid=334
English Translation |
|
|