Economy Gets $6.08 Billion Boost Via E-payments From 2011-15: Report

March 11, 2016: As per a report of Moody’s Analytics, the economy has got a boost of 6.08 billion dollars because of an increased use of electronic payments such as debit cards, credit cards, and prepaid cards during 2011 to 2015. This thing has also created 3, 36,000 jobs during the same time period.

Payment cards are not just an easy medium to pay online, but they also help in the growth of an economy.

"Electronic payments are a major contributor to consumption, increased production, economic growth and employment creation," Moody's Analytics Chief Economist Mark Zandi noted.

E-payments

Now, people are migrating to online payments or e-payments instead of cash payments. This has added around 296 billion dollars to GDP across 70 countries. This revolution of electronic payments is also creating jobs and employment opportunities.  It has contributed 2.6 million jobs on average per year during 2011 to 2015.

Migration to electronic payments has added nearly dollar 296 billion to GDP across 70 countries, the study said adding that increased electronic payment usage added 6,080,000,000 to India's economy from 2011 to 2015.