It seems that electronic payments are having a profound effect not just upon Myanmar, but also Malaysia.
According to a study conducted by Moody’s Analytics for Visa, electronic payments products like credit and debit cards have added RM13.17 billion to the nation’s GDP.
The study was conducted across 56 countries that accounted for 93 per cent of the world’s GDP. From these results, Visa concluded that card usage had made Malaysia’s economy far more efficient, thus boosting economic growth.
Stuart Tomlinson, Visa’s country manager for Malaysia, said that there’s no denying the benefits of electronic payments in the region, nor the importance of an open marketplace to encourage innovation within the industry.
“We are excited about the prospects of increasing electronic payments in Malaysia through new, innovative solutions, and we look forward to working with local businesses, governments and industry stakeholders to continue to expand and support local economic growth,” said Tomlinson.
Moody’s Analytics chief economist Mark Zandi added that
“The increase in consumption parallels the growing popularity and accessibility of electronic payments among the global consumers.
“At the same time, these findings point to the need for governments to adopt policies that encourage the shift to efficient and secure electronic forms of payments.”
It’s certainly a good sign to be seeing significant growth in an area thanks to the pervasion of payment technologies. Hopefully as time passes other nations within Asia can grow their economy speedily through such measures.
For more information around the world of payments in Asia, take a look at the upcoming Total Payments event in Bangkok.