The increased use of electronic payment products — including credit, debit and prepaid cards — added a combined total of $296 billion to the GDP of 70 countries, while raising household consumption of goods and services by an average of 0.18 percent per year, according to a new study commissioned by Visa Inc.

Economists at Moody's Analytics, which conducted the study, estimated that the increased use of e-payments created the equivalent of 2.6 million new jobs, on average, over a period of five years.

"Electronic payments are a major contributor to consumption, increased production, economic growth and employment creation," said Mark Zandi, chief economist at Moody's Analytics. "Those countries which saw large increases in card usage also saw larger contributions to overall growth in their economies."

"The Impact of Electronic Payments on Economic Growth," a report based on study findings, said that electronic payments benefited governments and contributed to a more stable and open business environment.

Additionally, the study found, electronic payments helped to minimize the "grey economy" — that is, economic activity that is often cash-based and goes unreported.

As a result, electronic payments provided a higher potential tax revenue base for governments, while also bringing the added benefits of lower cash handling costs, guaranteed payment to merchants and greater financial inclusion for consumers.

"These findings reinforce the many positive benefits that electronic payments bring to local economies all over the world," said Visa CEO Charlie W. Scharf. "At Visa we are partnering globally with governments, financial institutions, merchants and technology companies to develop innovative payment products and services that will accelerate electronic acceptance, grow commerce, and bring the benefits of card payments to more people everywhere."

The study does note that expanding electronic payments alone will not necessarily increase a country's prosperity — the support of a well-developed financial system and healthy economy are required, as well. The report recommends that countries promote policies that minimize unneeded regulation, create a robust financial infrastructure, and lead to greater consumption.