We were recently asked by MasterCard to evaluate the size of the impact of electronic payments on the economies of the United States and the 50 states. (A report presenting the findings from this our analysis is available for free download on our website at www.perrymangroup.com.) The short answer is that the beneficial effects have been substantial, and we estimate that the US economy is more than 12% larger (as measured by real gross product) than it would be in the absence of the electronic payment system.