The growth in the use of electronic payment products, such as credit and debit cards, added $8 billion (R71.8bn) to South Africa’s gross domestic product (GDP) annually, a study conducted in 56 countries for Visa by Moody’s Analytics showed yesterday.

Electronic payments contributed $983bn to the GDP in these countries between 2008 and last year.

“With growing card usage contributing $8bn to South Africa’s GDP, there is no denying the benefits of electronic payments here,” Visa country manager for South Africa Mandy Lamb aid. – Nompumelelo Magwaza