Economic Data & Trends
To put things into perspective, a study of 56 countries that make up 93% of the world gross domestic product by Moody’s Analytics showed that over a five-year span from 2008 to 2012.
· A greater usage of e-payment products added $983 billion in
real dollars to GDP · Card usage raised consumption by an average of 0.7% · The consumption contributed to an average additional growth in GDP of 0.17 percentage points per year · The additional GDP growth realized solely by increased card usage and penetration is equivalent to creating 1.9 million jobs · Looking forward, a future 1% increase in card usage across the countries would produce an annual increase of 0.056% in consumption and a 0.032% increase in GDP · Increased use of electronic payments added 0.8% to GDP across emerging markets and 0.3% for developed markets |
The widespread adoption of e-payments has significantly expanded the sales volumes of goods and services, reduced the barriers to immediate credit and liquidity, and eased geographic restrictions to trade and exchange.
Future trends include a continued expansion of payment options as a key factor in reducing friction and creating economic efficiencies. For transitional economics, there is huge potential for e-payment systems to modernize financial systems and create economic transparency.
It is most likely that the future trend for economies in all stages is that electronic payments and economic growth are likely to continue and build on each other to sustain economic development in the long term.
Fun Facts#12 Over 41% of online sales are for books
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[email protected] Done By: Gobardja Ian U098473L Kua Li En A0070291M Nicholas Chen A0072340U Justin Tan A0072547B |