India added US$1.5 billion to its gross domestic product (GDP) during from 2008 to 2012, on the rise in electronic payments such as credit and debit cards and other mode of paperless transactions, said a Visa-Moody's Analytics study.
However, the country still lags behind other emerging nations like China, Brazil and Russia, as the third largest Asian economy is still cash-driven, noted a Times of India (TOI) report Wednesday.
"With growing card usage contributing $1.5 billion to the country's GDP, there is no denying the benefits of electronic payments here," Uttam Nayak, Visa group country manager for India and South Asia, told TOI.
He pointed out while India had a base of 300 million debit and credit card users, there was still very limited usage, but this would provide ample opportunities for the future.
China saw an addition of US$375 billion due to the increased card usage during the period, while Brazil added US$51 billion and Russia saw an addition of US$36 billion.
Globally, increased electronic payments added US$983 billion to the GDP of 56 countries during the period, which is equivalent to creating 1.9 million jobs.