A study commissioned by PayPal and done by Deloitte show that online payments have added around EUR125 billion to GDP (Gross Domestic Product).
Online payment has facilitated blurred or even, broken down boundaries creating an explosion of new opportunity which is exciting and more importantly – profitable for the EU. Consumers now have access to a range of goods that they previously could not access or pay for, small businesses can be dealt into the game now that big banks are not the only pathway providers to payment solutions and a spirit of entrepreneurship can be celebrated.
It is positive to see that the EU has acknowledged the economic possibilities made available by online payment solutions and are encouraging growth and expansion. Lithuania, the new president of the European Union, has announced that it will focus on supporting an open Europe.
This is vital for the EU, which will be relying, a great deal, on online and mobile payment solutions in order to achieve economic progress in the future.
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Tags: online payment, entrepreneurship, mobile