Home / Knowledge / News / Textiles / E-payments add $6.08 bn to Indian economy in 4 yrs
E-payments add $6.08 bn to Indian economy in 4 yrs
14
Mar '16
It's a thumbs up for electronic payment methods.

According to a Visa Inc study conducted by Moody's Analytics, an increased use of electronic payment methods such as credit, debit and prepaid cards has added $6.08 billion to the Indian economy during 2011 to 2015, even as it has created 336,000 jobs during the period.

The study found that payment cards aren't just convenient; they also help stimulate growth for economies around the world.

"Electronic payments are a major contributor to consumption, increased production, economic growth and employment creation," Moody's Analytics Chief Economist Mark Zandi noted.
Migration to electronic payments has added nearly $296 billion to GDP across 70 countries, the study said adding that increased electronic payment usage added $6.08 billion to India's economy from 2011 to 2015.

"These findings reinforce the many positive benefits that electronic payments bring to local economies all over the world," Visa Inc CEO Charlie W Scharf said.

Meanwhile, increasing electronic payments has also contributed to significant employment generation as around 2.6 million jobs on average per year across the 70 countries sampled between 2011 and 2015.

Countries with the largest number of job gains per year were also the largest countries and with 336,000 jobs added over the five years studied, India saw the second highest average job increases due to of the combination of fast growing labor productivity and increasing card usage.

The report also found that electronic payments benefited governments and contributed to a more stable and open business environment.

Additionally electronic payments helped to minimize what is commonly referred to as the grey economy - the economic activity that is often cash-based and goes unreported.

"This research also suggests that the right public policies can create an open, competitive payment environment, and contribute to economic growth and job creation," Scharf added.

The report said that in order to encourage electronic payments, countries must promote policies that minimise needless regulation, create a robust financial infrastructure, and lead to greater consumption. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Textiles minister Smriti Irani lighting the lamp to inaugurate the 6th edition of the International Apparel and Textile Fair ‘VASTRA 2017’, in Jaipur. Courtesy: PIB

Textiles | On 22nd Sep 2017

Placement rate in textiles sector is 70%: Indian minister

The recent high growth of foreign direct investment (FDI) in the...

Apparel/Garments | On 22nd Sep 2017

New US FTC rule for RN used on textile product labels

The US Federal Trade Commission recently streamlined requirements...

Textiles | On 22nd Sep 2017

Messe Frankfurt acquires Source Africa, ATF textile shows

Messe Frankfurt, one of the world´s leading trade show organisers,...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search