The global specialist in digital payment estimates that electronic payments could add up to about MAD 8.41 billion to Casablanca’s economy on an annual basis, representing no less than 3.75 percent of its GDP.
For VISA, reducing dependency on cash payments has significant immediate and long-term benefits for consumers, businesses, and governments.
The study shows that consumers could save up to USD 30 million through digital payments. Banking, sales, and transit operations would be simplified while crime related to theft of cash would also be significantly reduced.
As for businesses, the findings of the study show that up to USD 600 million could be saved by processing incoming and outgoing payments more quickly. They will also earn higher sales revenue as they can expand their customer base to the web.
Meanwhile, the government could save up to USD 300 million thanks to a significant increase in tax revenues due to a better traceability of commercial transactions.
“The purpose of the study is not to eliminate or denigrate the role of cash, but rather to quantify the benefits and potential costs that would result from a significant increase in the use of digital payments,” says Visa in a statement.
The results of the study also indicate that, by 2032, cashless payments could reduce unemployment in the city by 4.3 percent.