The Impact of Digital Payments on the Economy: Figures Spark Interest
The expansion of digital payments is no longer just a technological trend, but a factor with a direct impact on economic performance. A report by fintech Mono gathers international evidence linking the digitalization of transactions with higher levels of growth and labor formalization.
TL;DR
- A 1% increase in digital payment use can lead to a 0.10% rise in GDP per capita growth over two years.
- The same increase in digital payments is associated with a 0.06% reduction in informal employment.
- Systems like M-Pesa, UPI, Pix, and Bre-B demonstrate how interoperability and immediacy can boost productive activity.
- Colombian system Bre-B has over 100 million registered keys and has processed over 34 trillion pesos in transactions.
- Digitalization reduces cash handling costs, improves traceability, and strengthens the financial history of businesses, facilitating access to formal credit.
- Full adoption of digital government payments in developing countries could save 0.8% to 1.1% of annual GDP.
- Scaling adoption requires security, financial education, and interoperable infrastructure to create a more efficient and formal ecosystem in Colombia.