MENAFN – AETOSWire) (BUSINESS WIRE) — A report from ACI Worldwide predicts that real-time payments will contribute an extra $285.8 billion to global GDP and add over 167 million new bank accounts by 2028. This study, conducted with The Centre for Economics and Business Research (Cebr), examined data from 40 countries and linked real-time payments to increased financial inclusion.
Real-time payments provide affordable financial services, drive economic growth, and could help lift many out of poverty. They also create new revenue opportunities for financial institutions.
“Real-time payments are crucial for economic growth and social change,” said Thomas Warsop, CEO of ACI Worldwide. “This research shows that modernizing payments benefits everyone, including governments and banks.”
Key Findings
Economic Impact: Real-time payments enhance market efficiency, allowing instant money transfers. This reduces costs and boosts economic growth.
- In 2023, these payments boosted global GDP by $164 billion, equating to the work of 12 million people.
- By 2028, the contribution is expected to reach $285.8 billion, or the labor of 16.9 million workers.
- Consumer and business savings are projected to grow from $116.9 billion in 2023 to $245.8 billion by 2028.
Financial Inclusion: The report shows that real-time payments enhance financial inclusion, especially among young adults, women, and low-income individuals.
- By 2028, 167.2 million people in 28 countries could gain access to bank accounts.
- Top countries for newly banked citizens include Pakistan (63.5 million) and India (25.5 million).
Profit Opportunities for Banks: The rise of real-time payments presents significant profit potential for banks, especially in:
- Pakistan: $173 billion
- Nigeria: $40.4 billion
- Philippines: $28.7 billion
- India: $24.6 billion
- China: $21.2 billion
Regional Insights:
- Asia Pacific: Home to major markets like India and China, with India adding $50 million to GDP in 2023.
- Africa: Nigeria leads with a $7 billion GDP boost in 2023.
- Europe: EU regulations on instant payments expect to unlock growth and inclusion.
- Middle East: Saudi Arabia forecasts a $1.1 billion GDP increase by 2028.
- Latin America: Brazil contributes $24.6 billion to its economy, with Mexico also benefiting significantly.
- North America: The U.S. is set to save $1 billion in 2023, projected to quadruple by 2028.
Owen Good, from Cebr, emphasized the link between instant payments and increased financial access for populations previously excluded from financial systems.
About ACI Worldwide
ACI Worldwide provides transformative payment solutions for banks and businesses to drive growth and modernize their payment systems.
About Cebr
Cebr has over 30 years of experience in economic forecasting and advisory services, working with various organizations to analyze and predict economic trends.
© Copyright ACI Worldwide, Inc. 2024
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