Impact of cashless bank payments on economic growth: Evidence from G7 countries

Muhammad Noman; Alina Maydybura; Khalil Ahmed Channa; Wing-Keung Wong; Bisharat Hussain Chang

doi:10.47654/v27y2023i1p1-22

Authors

Muhammad Noman Department of Management Sciences, Shaheed Zulfiqar Ali Bhutto Institute of Science and Technology Author
Alina Maydybura Department of Business and Management, RIT Dubai Author
Khalil Ahmed Channa Department of Business Administration, Sukkur IBA University Author
Wing-Keung Wong Department of Finance, Fintech & Blockchain Research Center, and Big Data Research Center, Asia University Author
Bisharat Hussain Chang Department of Business Administration, Sukkur IBA University Corresponding Author

DOI:

https://doi.org/10.47654/v27y2023i1p1-22

Keywords:

Cashless bank payments, economic growth,, G7 countries,, Panel ARDL,, cashless society,, digital finance,, financial inclusion

Abstract

This paper examines the impact of cashless payments on the economic growth of G7 countries, namely Canada, Germany, Japan, France, Italy, the United Kingdom and the United States. The paper employed annual data from 2012 to 2020 and the latest Panel ARDL model to examine the relationship described above. The study's findings suggest that the cashless mode of payments considered in this study, which includes card & e-money, credit transfer and cheque, have a strong positive relationship with the real GDP of G7 countries. Further, future comprehensive research is recommended, including developing nations. At the same time, the institutions and governments should contribute by ensuring the availability of relevant facts and figures.

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