Nearly one quarter of the world’s economic activity is ‘off the books’ and out of view from the government, with over $10.7 trillion going unreported – and untaxed – every year, according a new study.

The Digital Payments and the Global Informal Economy report, a Visa-commissioned study by A.T. Kearney with support from Professor Friedrich Schneider at the Johannes Kepler University of Linz, Austria, looked at the size of the ‘informal economy’ across 60 countries over 10 years. It explores the role of digital payments in reducing the hidden economic activity, with an eye toward increasing the Gross Domestic Product (GDP) and tax revenue in these countries.

Results of the study mean that governments around the world are unable to track some 23% of GDP, reducing revenues and creating major implications for government policy and investment decisions.

For more about the study directly from its authors, click here.