Article

Asia’s Payments Revolution

Posted December 12, 2016 in Business Technology & Digital Transformation Strategies, Data Analytics & Digital Technologies, Digital Transformation & Innovation Bootcamp Cutter Business Technology Journal

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.

About The Author
Andy Yee
Andy Yee is a Public Policy Director for Visa in Greater China and a former Policy Analyst for Google in the Asia-Pacific. He can be reached at ahkyee@gmail.com.
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