November 21, 2016
FinTech substantially contributes to economic growth and development
Payments segment within FinTech is a major enabler of economic growth. Electronic payments added $296 Bn to GDP in the 70 countries studied between 2011 and 2015, which is equivalent to the creation of ~2.6 Mn jobs on average per year over the five-year period, or ~0.4% of total employment. Each 1% increase in usage of electronic payments produces, on average, an annual increase of ~$104 Bn in the consumption of goods and services.
FinTech facilitates financial inclusion for disadvantaged groups of population
FinTech facilitates structural changes in the market, opening up opportunities for previousl ...