Digital Payments Boost US Economy with Jobs and Growth

A new study details the significant economic impact of digital payments in the United States. Conducted by PwC for the Electronic Transactions Association (ETA), the analysis is the first comprehensive assessment of the value of digital payments across various commerce sectors.

The study, utilizing data from 2024, reveals that digital payments contribute substantially to the U.S. economy.

Economic Contribution and Job Support

Digital payments generated over $350 billion in U.S. economic output and supported more than 2 million jobs. Each direct job in the payments industry supports an additional 2.6 jobs elsewhere in the economy. The industry also provides high-paying jobs, with average salaries exceeding the national average.

Consumer and Business Benefits

The study highlights how digital payments stimulate broader economic growth. They enable households to increase annual spending by an estimated $180 billion, supporting up to 2.7 million additional jobs. Businesses benefit from increased productivity and growth through faster checkout processes and reduced cash handling.

Electronic payments save U.S. businesses an estimated 806 million hours annually, equivalent to 365,000 full-time workers. This efficiency supports roughly 1 million jobs, $67.6 billion in labor income, and $142.4 billion in GDP that would not exist in a cash-only economy. Payment innovations also facilitate the creation and expansion of micro- and small businesses, generating an estimated additional $34 billion in revenue, supporting 301,000 jobs and $28 billion in GDP.

State-Level Impact

Digital payments generate jobs and income in all 50 states. New York, California, Texas, and Florida saw the largest total economic contributions in 2024. States like Illinois, Virginia, Georgia, and Pennsylvania also experienced substantial gains. In states including Colorado, Massachusetts, and Michigan, the industry’s total economic impact is two to three times larger than its direct footprint.

The study was conducted in Fall 2025 using data from the U.S. Bureau of Economic Analysis, Bureau of Labor Statistics, and the Census Bureau. The full study is available at electran.org/eta-economic-study/.

The Electronic Transactions Association (ETA) is a global trade association for the payments industry. Its members process approximately $57 trillion annually in purchases and P2P payments worldwide. More information is available at www.electran.org.