(MENAFN – AETOSWire) (BUSINESS WIRE) — A new report from ACI Worldwide predicts that real-time payments will contribute $285.8 billion to global GDP and create over 167 million new bank accounts by 2028. The report highlights the link between real-time payments and financial inclusion.
Real-time payments help people access affordable financial services, boosting economic growth and potentially lifting millions out of poverty. This growth also presents financial institutions with new revenue opportunities.
“Real-time payments are catalysts for economic growth and societal change. They enhance financial inclusion,” said Thomas Warsop, CEO of ACI Worldwide. “Payments modernization benefits everyone, including governments and banks.”
Key Findings
Economic Impact:
Real-time payments allow instant money transfers, improving market efficiencies and reducing transaction costs.
- In 2023, real-time payments contributed $164 billion to GDP across 40 countries, equivalent to 12 million workers’ output.
- By 2028, contributions are expected to reach $285.8 billion, a 74.2% increase, comparable to 16.9 million workers.
- Net savings for consumers and businesses grew from $116.9 billion in 2023 to a projected $245.8 billion by 2028.
Financial Inclusion:
The research shows a positive link between instant payments and financial inclusion, especially for younger individuals, women, and low-income groups.
- By 2028, 167.2 million previously unbanked people might have bank accounts.
- Top five countries gaining the most banked citizens: Pakistan (63.5 million), India (25.5 million), Philippines (20.9 million), Nigeria (13.8 million), China (13.8 million).
Profit Opportunities for Banks:
The rise in real-time payments offers significant profit potential for banks.
- Top five markets for profit: Pakistan ($173 billion), Nigeria ($40.4 billion), Philippines ($28.7 billion), India ($24.6 billion), China ($21.2 billion).
Regional Highlights:
- Asia Pacific: Home to major real-time payment markets, with India contributing $50 million to GDP in 2023.
- Africa: Nigeria, Africa’s largest market, added $7 billion to its GDP in 2023.
- Europe: The EU aims to enhance growth and inclusion through instant payments.
- Middle East: Saudi Arabia and Bahrain are seeing substantial GDP boosts from real-time payments.
- Latin America: Brazil and Mexico experience notable economic benefits, with Colombia expected to add 5.1 million new account holders by 2028.
- North America: In the U.S., over $1 billion in savings was achieved in 2023, projected to quadruple by 2028.
Owen Good from Cebr notes that the research shows a positive link between instant payments and increased financial inclusion as transaction costs decrease.
About ACI Worldwide
ACI Worldwide specializes in global payments technology, offering solutions that enhance payment processes for banks and merchants, ensuring secure and efficient transactions.
About Cebr
For over 30 years, Cebr has provided economic analysis and forecasts for various organizations, helping them stay ahead of economic developments.
© Copyright ACI Worldwide, Inc. 2024
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