Impact of cashless bank payments on economic growth: Evidence from G7 countries
Keywords:Cashless bank payments, economic growth,, G7 countries,, Panel ARDL,, cashless society,, digital finance,, financial inclusion
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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