Asia's Payments Revolution

Cutter Business Technology Journal, 29(11), 29-31, 2016

Posted: 9 Jan 2017

See all articles by Andy Yee

Andy Yee

Visa U.S.A; University of London - School of Oriental and African Studies (SOAS)

Date Written: November 1, 2016

Abstract

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.

Keywords: Asia, Fintech, Payments

Suggested Citation

Yee, Andy, Asia's Payments Revolution (November 1, 2016). Cutter Business Technology Journal, 29(11), 29-31, 2016. Available at SSRN: https://ssrn.com/abstract=2887182

Andy Yee (Contact Author)

Visa U.S.A ( email )

United States

University of London - School of Oriental and African Studies (SOAS) ( email )

Thornhaugh Street
Russell Square: College Buildings 541
London, WC1H 0XG
United Kingdom

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