Business Wire

Global Study Highlights Economic Benefits of ‘Cashless Cities’

Del

Visa (NYSE: V) announced today the results of an independent study conducted by Roubini ThoughtLab and commissioned by Visa examining the economic impact of increasing the use of digital payments in major cities around the world. The study estimates that relying more on electronic payments, such as cards and mobile payments, could yield a net benefit of up to U.S. $470 billion per year across the 100 cities studied – roughly the equivalent to 3% of the average GDP for these cities.

Cashless Cities: Realizing the Benefits of Digital Payments”, is a unique study that quantifies the potential net benefits experienced by cities which move to an “achievable level of cashlessness”—defined as the entire population of a city moving to digital payment usage equal to the top 10% of users in that city today. The study does not look at eliminating cash. Rather, it seeks to quantify the potential benefits and costs of significantly increasing the use of digital payments.

By reducing reliance on cash, the study estimates the immediate and long-term benefits for three main groups—consumers, businesses and governments. According to the study, these benefits could add up to combined direct net benefits of approximately U.S. $470 billion across the 100 cities that were analyzed:

  • Consumers across the 100 cities could achieve nearly $28 billion per year in estimated direct net benefits. This impact would be derived from factors including up to 3.2 billion hours in time savings conducting banking, retail and transit transactions, in addition to a reduction in cash-related crime.
  • Businesses across the 100 cities could achieve more than $312 billion per year in estimated direct benefits. This impact would derived from factors including up to 3.1 billion hours in time savings processing incoming and outgoing payments and increased sales revenues stemming from extended online and in-store customer bases. The study also found that accepting cash and checks costs businesses 7.1 cents of every dollar received compared to 5 cents of every dollar collected from digital sources.
  • Governments across the 100 cities could achieve nearly $130 billion per year in estimated direct benefits. This impact would be derived from factors including increased tax revenues, increased economic growth, cost savings from administrative efficiencies and lower criminal justice costs due to reduced cash-related crime.

“This study demonstrates the substantial upside for consumers, businesses and governments as cities move toward greater adoption of digital payments,” said Ellen Richey, Visa's vice chairman and chief risk officer. “Societies that substitute digital payments for cash see benefits from greater economic growth, less crime, more jobs, higher wages, and increased worker productivity.”

As cities increase use of digital payments, the positive impacts can extend beyond financial benefits to consumers, businesses, and government. The shift to digital payments also may have a catalytic effect on the city’s overall economic performance, including GDP, employment, wage, and productivity growth.

“The use of digital technologies—from smart phones and wearables to artificial intelligence and driverless cars—is rapidly transforming how city dwellers shop, travel, and live,” said Lou Celi, Head of Roubini ThoughtLab. “Without a firm foundation in electronic payments, cities will not be able to fully capture their digital future, according to our analysis.”

“Cashless Cities: Realizing the Benefits of Digital Payments” offers 61 recommendations for policymakers to help their cities become more efficient through greater adoption of digital payments. Recommendations include undertaking financial literacy programs to help move the unbanked into the banking system, implementing incentives to stimulate innovation focused on scaling new payment technologies, implementing secure open-loop payment systems across all transportation networks and more.

Visa and Roubini Thoughtlab created an online data visualization tool as a companion to “Cashless Cities: Realizing the Benefits of Digital Payments.” Using the data visualization tool, individuals can increase or decrease the level of digital usage in each of the 100 cities included in the study to better explore the benefits of a world, less dependent on cash. Visit the online data visualization tool and download the report at: www.visa.com/cashlesscities.

METHODOLOGY

Roubini Thoughtlab, a leading economics and evidence-based research firm, surveyed 3,000 consumers and 900 businesses in 2016 across six cities (Tokyo, Chicago, Stockholm, Sao Paolo, Bangkok and Lagos) that represent different levels of digital payments maturity. These surveys examined the use, acceptance, and cost-benefit impact of physical and digital money. Researchers then extrapolated these survey results based on specific demographic and economic data to another 94 cities around the world to determine the net impact of moving toward a cashless economy on consumers and businesses in each location. Through other sources, the research was also able to identify expected impacts on government. Researchers used World Bank, Organisation for Economic Co-operation and Development, and other well-respected secondary data sources to augment the survey results and build the overall findings. An econometric model used by various central banks and other institutions – the National Institute Global Econometric Model (NiGEM) – was used to estimate the “catalytic” impacts (economic growth, productivity, employment and wages) that a move toward digital payments would have on each of the 100 cities analyzed. Visa commissioned the study. Roubini Thoughtlab independently conducted the surveys, managed the research and developed the analysis.

About Visa

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/aboutvisavisacorporate.tumblr.com and @VisaNews.

Contact information

Visa Inc.
Hugh Norton
globalmedia@visa.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

CES Unveiled Amsterdam to Feature IoT, Smart Cities and Robotics17.10.2017 16:19Pressemelding

The Consumer Technology Association (CTA) announced today that more than 35 companies will showcase innovative products at the first-ever CES Unveiled Amsterdam, breaking the record for most exhibitors at an inaugural Unveiled event abroad. The event follows the fifth CES Unveiled Paris and serves as a preview of the innovative technology on display at CES 2018. CES Unveiled Amsterdam is scheduled to run from 1:30-5:30 PM on October 26, 2017 at the Beurs van Berlage. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171017006457/en/ “CES Unveiled Amsterdam is on track to break nearly all of our inaugural-year records for an Unveiled event abroad. From attendees to exhibitors, the tech community in the Netherlands and surrounding countries is showing unparalleled levels of interest in this event,” said Gary Shapiro, pre

Dropbox Brings Powerful Business-Grade Tools to Individuals with Dropbox Professional17.10.2017 16:00Pressemelding

Dropbox today launched Dropbox Professional, a new offering that introduces business-grade tools to help individual users store, share, and track work from a single, secure place. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171017006383/en/ Owners can add details on the materials in the Showcase at the top of the page. (Graphic: Dropbox) Dropbox Professional is designed to meet the needs of independent workers—a group that’s expected to rise to 47.6 million by 2022[1]. The new offering brings together the most popular storage, sharing, and support solutions from Dropbox with new ways to present work to help individuals showcase their creativity in the best light. “Work is becoming more fluid as the scope of projects that individuals can take on expands,” said Todd Jackson, Head

The New Foldable Smartphone ZTE Axon M with Dual Screens Transforms the Mobile Experience for Consumers17.10.2017 14:40Pressemelding

ZTE Mobile Devices today announced the category defining ZTE Axon M, a foldable smartphone with dual screens that delivers a revolutionary smartphone experience to enable consumers to multitask and enjoy content in a better way. The ZTE Axon M provides the multitasking capabilities of two screens and a viewable screen size of a tablet, yet is the size of a traditional smartphone when folded, fitting easily into a pocket. Coming soon to consumers through leading partners in the US, Japan, China and Europe, the ZTE Axon M delivers new experiences never before seen in the smartphone market. “The ZTE Axon M is the beginning of true smartphone innovation, and ZTE is leading the way,” said Lixin Cheng, CEO of ZTE Mobile Devices. “The mobile technology ecosystem and consumer habits have evolved over the past several years, but the smartphone design has only slightly varied throughout that tim

Murex to Offer Cloud-Based Trading and Risk Management Solutions17.10.2017 14:00Pressemelding

Sibos - Murex, an industry leader in trading, risk management and processing solutions for capital markets, announces it has certified its MX.3 technology platform to run on Microsoft Azure. Since early 2016, Murex has collaborated with Microsoft to bring to market solutions enabling clients’ digital transformation. This collaboration has now come to fruition with the availability of support for the Murex MX.3 platform on Azure, as well as the planned integration of Microsoft SQL Server 2016 as a relational database for MX.3. Murex has certified Azure for its most demanding use cases including GPU-powered solutions for computationally intensive workloads. This enables Murex clients to leverage the flexibility and economies of scale of the cloud to meet new requirements. Those opting to adopt cloud as part of their infrastructure will continue to benefit from the full support

euNetworks Partners with Cloudwirx17.10.2017 14:00Pressemelding

euNetworks, a provider of bandwidth services in Europe, today announced it is working with Cloudwirx, enabling their West Coast client base with rapid access to euNetworks high bandwidth services. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171017006083/en/ Brady Rafuse, Chief Executive Officer of euNetworks (Photo: Business Wire) Cloudwirx is a leading procurement and systems integrator for data centre and bandwidth infrastructure services, helping companies source, build and optimise their IT systems and networks. Whether it’s for a start-up or Fortune 100 company, Cloudwirx matches enterprises with the right technologies, services, and suppliers, with the goal of decreasing costs while increasing the value add of their IT systems. They have a growing client base who, while predominantly U

Asseco SEE’s Enterprise Fraud Monitoring & Prevention Solution InACT® is in GarantiBank NV17.10.2017 13:59Pressemelding

Asseco SEE (ASEE), part of Asseco Group, 6th largest software vendor in Europe, announced today, that GarantiBank NV, member of BBVA Group, has deployed InACT® Enterprise Fraud Management to prevent and monitor fraud. Chosen by leading international banks and financial institutions to stop internal and external fraud activities since 2009, an additional tailor-made file management module has been developed for GarantiBank NV to manage SWIFT and SEPA transactions for the project. InACT® File Management Module checks and resolves SWIFT and SEPA message files regularly and filters through InACT® fraud scenarios. Also, InACT® produces alarms for managers to prevent fraudulent activities by identifying related files. With this infrastructure developed by ASEE, GarantiBank NV intends to enhance its fraud monitoring activities on a digital platform rather than manual controls. This change is

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom