New Study: Digital Payments Power $350B in U.S. Economic Output and 2M Jobs, Unlocking Massive Gains for Consumers, Businesses

First such report details value to the U.S. economy's growth, productivity and entrepreneurship

WASHINGTON, Jan. 15, 2026 /PRNewswire/ -- Digital payments generate more than $350 billion in annual U.S. economic output and support more than 2 million jobs, while unlocking billions more in downstream economic activity, according to a new national and 50-state study released today.

The analysis, conducted by PwC for the Electronic Transactions Association (ETA), is the first comprehensive assessment of the economic value of digital payments across online, in-person, and mobile commerce.

Using the latest government data available, PwC found the payments industry contributed $354 billion to U.S. GDP and supported more than 2 million jobs in 2024, with each direct payments job supporting an additional 2.6 jobs elsewhere in the economy.

"Digital payments are the connective tissue of modern commerce," said ETA CEO Jodie Kelley. "From buying coffee to running a small business, Americans rely on electronic transactions every day. This study shows they are also a powerful engine of economic growth, job creation, and competitiveness for businesses of all sizes."

The industry also delivers high-paying jobs, with an average salary more than double the national average.

Affordability for consumers and benefits to entrepreneurs

Beyond the industry's measured economic footprint, the study highlights how digital payments act as a catalyst for broader economic growth and affordability by providing consumers access to much needed capital, improving business efficiency, and enabling entrepreneurs to start and scale companies.

PwC estimates that digital payments allow households to increase annual spending by an average of $180 billion, supporting up to 2.7 million additional jobs.

For businesses, electronic payments drive productivity and growth:

• Efficiency: Faster checkout and reduced cash handling save U.S. businesses an estimated 806 million hours annually – the equivalent of 365,000 full-time workers. These efficiencies support 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.
• Entrepreneurship: Payment innovations enable the creation of micro- and small businesses and allows these businesses – especially small retailers, restaurants, and service providers – to expand sales, generating an estimated additional $34 billion in revenue, supporting 301,000 jobs and $28 billion in GDP.

"Electronic payments support higher levels of consumer spending, generate meaningful cost savings for businesses through faster and more efficient transactions, and help new firms start and scale by reducing acceptance barriers and improving cash flow," the study said. These catalytic effects "illustrate the wider economic value unlocked by modern payments infrastructure."

Benefits reach every state

Digital payments generate jobs and income in all 50 states. New York, California, Texas, and Florida saw the largest total economic contributions in 2024, while states such as Illinois, Virginia, Georgia, and Pennsylvania also posted substantial gains once indirect and induced effects were included.

In states including Colorado, Massachusetts, and Michigan, PwC found the industry's total economic impact is two to three times larger than its direct footprint, reflecting concentrations of high-income payments jobs that fuel additional demand.

PwC conducted the study 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/.

For more information, visit paymentspowertheeconomy.com.

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About ETA
The Electronic Transactions Association (ETA) is the world's leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies in the U.S. and around the world. ETA members make commerce possible by processing approximately $57 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers. Learn more about ETA at www.electran.org.  LinkedIn / Twitter

SOURCE Electronic Transactions Association (ETA)