Asia’s Payments Revolution

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Asia’s Payments Revolution

Article
Posted December 12, 2016 in Business Technology & Digital Transformation Strategies, Data Analytics & Digital Technologies, Digital Transformation & Innovation Bootcamp Cutter Business Technology Journal
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The economic gains brought by digital payments are significant. Greater financial inclusion and less friction in commerce lead to increased spending on goods and services. This, in turn, creates a virtuous economic cycle whereby increased consumption translates into more jobs and higher income. Moody’s Analytics estimates that increasing electronic payments contributed an additional $296 billion to consumption between 2011 and 2015, or a 0.1% cumulative increase in global GDP during the period. They also created 2.6 million jobs on average each year. By harnessing payments innovation, Asia can further accelerate its economic growth.