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Digital Payment and Economic Growth: Evidence from India

Abdul Azeez N. P. et al.

Applied Economics Quarterly2022https://doi.org/10.3790/aeq.2022.1418301article
ABDC B
Weight
0.43

Abstract

Technological advancements have been the driving factor responsible for the structural composition of the financial markets and the development of digital financial technologies. The widespread use of information and communication technology (ICT) and artificial intelligence in the operation of the global financial sector is the hallmark of this development. Access to and usage of financial services have changed significantly due to this revolution and, more recently, the pandemic, which embraced digital solutions. Digitization of the economy promotes economic growth through inclusivity, efficiency, and innovation. The availability of electronic payment systems triggers a positive economic impact through rising consumption and production, thereby creating more employment and income and, in turn, strengthening economic growth. It benefits consumers and merchants as these payment methods are safer and more efficient, convenient, transparent, and affordable. Many empirical studies support the idea that digital financial development is crucial for enhancing efficiency and productivity and promoting a country’s economic growth. The study explores the relationship between gross value added, credit transfer, debit transfer, card payment, and prepaid instruments in India taking quarterly data from 2011 to 2019 and using the Autoregressive Distributive Lag (ARDL) model. The study reports a cointegrating relationship between the variables and discusses the implications of this relationship.

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https://doi.org/https://doi.org/10.3790/aeq.2022.1418301

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@article{abdul2022,
  title        = {{Digital Payment and Economic Growth: Evidence from India}},
  author       = {Abdul Azeez N. P. et al.},
  journal      = {Applied Economics Quarterly},
  year         = {2022},
  doi          = {https://doi.org/https://doi.org/10.3790/aeq.2022.1418301},
}

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Digital Payment and Economic Growth: Evidence from India

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Evidence weight

0.43

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.20 × 0.4 = 0.08
M · momentum0.80 × 0.15 = 0.12
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.