Cashless Payments Impact to Economic Growth: Evidence in G20 Countries and Vietnam—Vietnamese Government with a Policy to Support Cashless Payments

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.