Visa: Increase in electronic payments adds RM1.9b to GDP
Published on: Saturday, July 02, 2016
Kuala Lumpur: A Visa-commissioned study, conducted by Moody's Analytics to analyse the impact of electronic payments, found that the increased use of electronic payments, including credit, debit and prepaid cards, added RM1.9 billion to the gross domestic product (GDP) in Malaysia.In a statement today, Visa said, the amount was equivalent to 24,000 jobs in Malaysia that were added from 2012-2015 due to the increase in card usage. The global study analysed the impact of electronic payments on economic growth across 70 countries, including Malaysia, over a five-year period.
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"The proliferation of electronic payments has been shown to spur greater consumption of goods and services in Malaysia," it said.According to the study, consumption in Malaysia was one per cent higher between 2011 and 2015 than it would have been if the use of electronic payments had not grown. In addition, total consumption increased on average by 0.07 per cent over the sample period, it said.Visa Country Manager for Malaysia, Ng Kong Boon, the latest findings by Moody's Analytics reinforced the many positive benefits that electronic payments brought to the Malaysian economy.
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