Card payments ‘add €1.8bn’ to global GDP

The growing use of electronic payments contributed €1.8bn to the economy during the recession through increased consumption and larger tax revenues, according to new research.

Economists at Moody’s Analytics estimate that between 2011 and 2015, debit, credit and prepaid cards helped stimulate economic activity worth an additional $296bn (€265bn) to GDP globally.

The contribution of electronic payments to Irish GDP was double the European average over the same five year period as a result of increased card usage, the Moody’s report carried out on behalf of Visa found.