According to ACI Worldwide’s report, real-time payments support economic growth and include millions in the financial system.
OMAHA, Neb.–(BUSINESS WIRE)–
ACI Worldwide’s new report predicts that real-time payments will add $285.8 billion to global GDP and create over 167 million new bank accounts by 2028.
View the full release here: Business Wire
Infographic: ACI Worldwide Report on Real-Time Payments Impact
This report reveals a strong link between real-time payments and increased financial inclusion, aiding economic growth and lifting many out of poverty.
Thomas Warsop, ACI Worldwide CEO, states, “Real-time payments enhance financial systems, benefiting everyone including governments and banks.”
Key Findings
Economic Impact
Real-time payments speed up money transfers, cutting costs and formalizing cash transactions.
- In 2023, real-time payments raised GDP by $164.0 billion in 40 countries.
- By 2028, this contribution will rise to $285.8 billion, equivalent to 16.9 million workers.
- Consumers and businesses saved $116.9 billion in 2023, forecasted to double by 2028.
Financial Inclusion
Real-time payments significantly enhance financial inclusion, particularly for youth, women, and low-income groups.
- By 2028, 167.2 million previously excluded could have bank accounts.
- Top countries gaining new bank accounts: Pakistan (63.5 million), India (25.5 million), Philippines (20.9 million).
Profit Opportunities for Banks
With the growth of real-time payments, banks can tap into new profit avenues.
- Top profit markets: Pakistan ($173.0 billion), Nigeria ($40.4 billion), India ($24.6 billion).
Regional Highlights
- Asia Pacific: India leads with a $50 million GDP boost from real-time payments in 2023.
- Africa: Nigeria sees $7 billion added to GDP, leading the region in economic benefits.
- Europe: EU’s instant payment regulations aim to unlock growth and inclusion.
- Middle East: Saudi Arabia projected to gain $1.1 billion by 2028.
- Latin America: Brazil’s economy grows by $24.6 billion while Colombia gains 5.1 million new accounts by 2028.
- North America: The U.S. expects savings to soar from $1 billion to $4.4 billion by 2028.
This research shows how real-time payments positively impact financial inclusion and economic participation.
About ACI Worldwide
ACI is a leader in global payments technology, offering innovative solutions to enhance payment processes for banks and businesses.
About Cebr
Cebr has provided economic analysis and forecasting for over 30 years, advising both public and private sectors.
© ACI Worldwide, Inc. 2024
For more, visit: Business Wire
Media Contacts
Nick Karoglou | Head of Communications | nick.karoglou@aciworldwide.com
Katrin Boettger | Communications Director | katrin.boettger@aciworldwide.com
Source: ACI Worldwide
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