Businesses that accept digital payments can become a powerful engine for economic growth.

Transitioning from cash to digital payments can generate annual GDP gains of 1% to 2%.

Globally, increased card usage (debit, credit, and prepaid) added USD 245 bn to real GDP between 2015 and 2019. Across 70 countries and territories studied, each 1% increase in card usage correlated with an average annual increase of approximately USD 67 bn in consumption.

How does it work?

Increased consumption fuels production, leading to job creation, higher incomes, and stronger economic growth.

The positive impact is driven by:

Reduced friction: Streamlined transactions eliminate the need for exact cash and reduce cash handling risks.

Standardized spending: Global acceptance standards simplify international transactions and cross-border commerce.

More innovation: A standardized ecosystem fosters competition and innovation among payment providers.

Demand for value-added services: Offerings go beyond basic transactions, with services such as loyalty programs and data-driven insights for customer experience and enhanced efficiency.

Enhanced security: Secure card payments build trust, essential for driving consumption.

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