Published on 13/10/2017 4:53:33 PM | Source: Dion Global Solutions Ltd
Metros can benefit by increasing digital payments: Visa
A study report by global financial services major Visa has revealed that four metro cities of Delhi, Mumbai, Bangalore and Chennai can benefit upto USD 7.2 billion annually by increasing payments through digital means. As per reports, the study conducted by Roubini ThoughtLab and commissioned by Visa examined the economic impact of increasing use of digital payments in major cities around the world including these four Indian cities.
Commenting on the issue, a Visa Official told the media, "The study estimates that relying more on electronic payments, such as cards and mobile payments, could yield a net benefit of up to $470 billion per year across the 100 cities studied-roughly equivalent to 3 per cent of the average GDP for these cities." “Mumbai, with a population of 19,547,000 and GDP of USD 104.1 billion, could gain USD 2.9 billion annual net benefits. Delhi can gain $2.2 billion (GDP USD 74.4 billion); Bangalore USD 1.3 billion (GDP 44.7 billion) and Chennai can realise benefit of USD 0.8 billion (GDP 30.9 billion),” he added.