Study Confirms Electronic Payments Drive Economy, Power 1-in-5 U.S. Jobs

Electronic transactions are vital to the U.S economy and the driving force behind one-in-five U.S jobs, according to The Perryman Group’s study focused on electronic payments’ impact during the decade they deem the “debit-card-era” (2004 to 2014).

The study reports that electronic payments have increased personal spending by almost 17 percent, created $432.927 billion in gross product, and brought nearly 5.7 million permanent jobs to the U.S. when compared to economic conditions where an electronic payments ecosystem didn’t exist. Since 1970, the year credit cards stepped into the mainstream, The Perryman Group states that the cumulative increase in gross product is $34.314 trillion.

“In short, the electronic payment system enhances efficiency by making payments faster and easier,” Dr. Ray Perryman, president and CEO of The Perryman Group, said. “As a result, consumer spending has been enhanced, production has been facilitated, and the economies of the US and every state have been able to grow at a faster pace than they would have otherwise.”

Read the full report here.