E-payments big driver of growth, Visa study says

Electronic payments have contributed $107-billion to the Canadian economy since 1983, accounting for nearly 25 per cent of Canada's cumulative economic growth, according to a study commissioned by Visa Canada Association. "This study makes it clear that beyond convenience, electronic payments drive the economy by enhancing transactional efficiencies and expanding payment channels," said University of Toronto economist Jack Carr, an adviser to the study which was conducted by Global Insight Inc. The study also found that $60-billion of growth in personal spending by Canadians over the past 20 years is directly attributable to electronic payments. Credit cards accounted for more than 82 per cent of this growth, while debit cards accounted for just over 17 per cent.