TITLE:
Cashless Payments Impact to Economic Growth: Evidence in G20 Countries and Vietnam—Vietnamese Government with a Policy to Support Cashless Payments
AUTHORS:
Loan Tran, Wenfu Wang
KEYWORDS:
Cashless Payments, Vietnam, Economic Growth, Financial Policies
JOURNAL NAME:
American Journal of Industrial and Business Management,
Vol.13 No.4,
April
24,
2023
ABSTRACT: This study investigates the relationship between
cashless payments and economic growth in G20 countries and Vietnam. Using
annual data ranging from 2011 to 2020, the results indicate that cashless
payment in the form of check payments stimulates economic growth in G20 countries and Vietnam.
Specifically, the growth enhancing effect is found to have an impact on
economic growth; Secondly, the positive relationship between economic growth
and check payments is robust after controlling for the effect of endogeneity, omitted variable bias and outliers. Based on the
findings, this study offers some policy recommendations for Vietnam with
respect to the continuing implementation of existing policies concerning
cashless payments.