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Advances in Decision Sciences (ADS)

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

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

Title

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

Authors

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

Abstract

Purpose: This paper examines the impact of cashless bank payments on the economic growth of G7 countries, namely Canada, Germany, Japan, France, Italy, the United Kingdom and the United States.
Design/methodology/approach: The paper employed annual data from 2012 to 2020 and the latest Panel ARDL model to examine the relationship described above.
Findings: The study’s findings suggest that in the long run 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. In the short run, card & e-money and cheque payments positively and significantly affect the real GDP. Credit transfer is found to have an insignificant relationship in the short run.
Originality/Value: As the world is moving towards digitization and a cashless economy, the impact of cashless payments and digital finance is becoming an important topic for researchers. Further, existing literature focused only on European Countries that used traditional methodologies and provided mixed results. Therefore, this study aims to extend the existing literature in context of G7 countries by employing latest Panel ARDL model.
Practical implications: This study is beneficial for policymakers, in particular, of G7 countries, as it indicates the role of digitization and cashless payments in the growth and development of the economy.

Keywords

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

Classification-JEL

C12, E42, G20, O38, O39, O47

Pages

1-22

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

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ISSN 2090-3359 (Print)
ISSN 2090-3367 (Online)

Asia University, Taiwan

Scientific and Business World

4.7
2023CiteScore
 
86th percentile
Powered by  Scopus
SCImago Journal & Country Rank
Q2 in Scopus
CiteScore 2023 = 4.7
CiteScoreTracker 2024 = 8.5
SNIP 2023 = 0.799
SJR Quartile = Q1
SJR 2024 = 0.814
H-Index = 20

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