Rise in use of electronic payment products such as credit, debit and prepaid cards added $296bn to GDP, as well as increased household consumption of goods and services by an average of 0.18% annually, according to a study commissioned by Visa.
The study, which assessed 70 countries from 2011 to 2015, revealed that countries with the largest increases in card usage recorded the biggest contributions in economic growth.
Big increases in GDP were particularly reported in Hungary (0.25%), followed by the UAE (0.23%), Chile (0.23%), Ireland (0.2%), Poland (0.19%) and Australia (0.19%).
In addition, the equivalent to almost 2.6 million new jobs was created on average, annually, over the five-year period due to rise in card usage. China and India were the two countries that recorded the greatest average job increases.
The study, conducted by Moody’s Analytics, also said that real consumption grew at an average of 2.3% between 2011 and 2015, out of which 0.01% was due to increased card penetration.
During this five-year period, increase in card usage added 0.2% to consumption in emerging markets, while the same added 0.14% to consumption in developed countries.
The study estimated that every 1% rise in electronic payments usage could produce, on average, an annual increase of about $104bn in the consumption of goods and services.
Visa CEO Charlie Scharf said: "This research also suggests that the right public policies can create an open, competitive payment environment, and contribute to economic growth and job creation. At Visa we are partnering globally with governments, financial institutions, merchants and technology companies to develop innovative payment products and services that will accelerate electronic acceptance, grow commerce, and bring the benefits of card payments to more people everywhere."