Hanoi to receive multiple benefits through e-payment
The Hanoitimes - According to an independent report of Roubini Thoughtlab, an E-consult Solutions Affiliate, and commissioned by VISA, an increase in digital payments could result in total direct net benefits of US$470 billion per year across the 100 cities. That boils down to about $4.7 billion in net benefits to each city per year—the equivalent to about 3% of each city’s average GDP.
Hanoi can receive an additional of 600 million USD per year for benefits of moving from physical money to digital payment systems.
This study is unique in that for the first time it looks at the net benefits associated with adopting digital payments and does so at the city-level. The assessment is carried out for 100 cities across 80 countries, segmented by stage of digital maturity, with these cities modelled to an “achievable cashless scenario”. This scenario is defined as the entire population moving to digital payment usage equal to the top 10% of the users in that city today. The findings provide compelling support for greater adoption of digital payments.
A net benefits and catalytic benefits data for cities in achievable cashless scenario.
Consumers across the 100 cities currently spend an average of 32 hours a year – nearly a full work week - on cash-related payment activities. Greater adoption of digital payments is estimated to reduce this figure to 24 hours a year, saving consumers in the 100 cities an average of over $126 million per year. When other benefits of digital payments are taken into account, such as reduction in cash-related crime, these savings could increase to $278 million per city, equivalent to about $67 per adult per year.
Accepting cash and checks costs businesses about 7 cents of every dollar received compared to 5 cents for every dollar collected from digital sources. When combining savings with increased sales from digital payments usage, our study projects that total net benefits to businesses across all 100 cities could amount to over $312 billion per year after transitioning to an achievable level of cashless activity.
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