Real-time payments boost economic growth and help millions join the financial system, according to ACI Worldwide’s report.
OMAHA, Neb.–(BUSINESS WIRE)–
ACI Worldwide predicts that real-time payments will add $285.8 billion to global GDP and create over 167 million new bank account holders by 2028. This report, conducted with The Centre for Economics and Business Research (Cebr), compiles data from 40 countries and highlights the link between real-time payments and financial inclusion.
Real-time payments provide affordable financial services, promoting economic growth and potentially lifting millions out of poverty.
Key Findings
Economic Impact
- Real-time payments generated $164 billion in GDP across 40 countries in 2023.
- By 2028, this number is expected to rise to $285.8 billion.
- Net savings for consumers and businesses: $116.9 billion in 2023, projected to grow to $245.8 billion by 2028.
Financial Inclusion
- Real-time payments can lead to 167.2 million new bank accounts by 2028.
- Countries with the most new bank accounts: Pakistan (63.5 million), India (25.5 million), Philippines (20.9 million).
Profit Opportunities
- Top markets for banks: Pakistan ($173 billion), Nigeria ($40.4 billion), Philippines ($28.7 billion).
Regional Highlights
- Asia Pacific: India leads in GDP boost from real-time payments. Indonesia is also growing quickly.
- Africa: Nigeria’s payments added $7 billion to GDP in 2023.
- Europe: The EU’s mandate for instant payments aims to unlock growth.
- Latin America: Brazil contributed $24.6 billion to its economy from real-time payments.
- North America: The U.S. saw over $1 billion in savings from real-time payments in 2023.
This research shows that increasing the adoption of real-time payments can boost financial inclusion and economic growth, benefiting everyone involved in transactions.
About ACI Worldwide
ACI Worldwide specializes in global payment technology and solutions for banks and businesses, with nearly 50 years of experience.
About Cebr
For over 30 years, Cebr has provided economic analysis and forecasting to various organizations.
© ACI Worldwide, Inc. 2024
Media Contacts:
Nick Karoglou | nick.karoglou@aciworldwide.com
Katrin Boettger | katrin.boettger@aciworldwide.com
