E-payments behind quarter of Canadian GDP growth - Visa

E-payments behind quarter of Canadian GDP growth - Visa

Electronic payments have driven almost one quarter - or C$196 billion - of total Canadian GDP growth over the past 25 years, claims a study commissioned by Visa.

According to the report, carried out by information and analytics specialist IHS, Canada has been at the forefront of the global migration to electronic payments from cash and cheques.

The growth in e-payments has been largely driven by credit and debit card transactions, which saw their value grow by more than a quarter between 2006 to 2010, from C$363.4 billion to C$455.4 billion.

This surge has also contributed to a C$107 billion in personal consumption spending.

Shane Norton, director, consulting services, IHS, says: "Consumers are speaking with their wallets and they prefer electronic payments over inefficient cash and cheques. Notably, the increase we've measured in consumer consumption mirrors the growing popularity of electronic payments."

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