So it is crucial that other major players boost their domestic demand to pick up the slack. Specifically, it is important that China and the economies of emerging Asia take steps to reduce their savings by strengthening household demand.
Yet over the past 10 years, there has also been a good deal of growth in the use of electronic payments both as a share of non-cash payments and on a per capita basis. For example, we initiate more than 30 billion electronic payments over credit and debit card systems and the ACH.