Real-time payments boost the economy and include millions more in 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 accounts by 2028.
This report uses data from 40 countries to show that real-time payments improve financial access, which drives economic growth and could help lift many people out of poverty.
Thomas Warsop, CEO of ACI Worldwide, states that real-time payments enhance financial system efficiency and inclusivity, benefiting all stakeholders.
Key Findings
Economic Impact
Real-time payments allow quick money transfers, resulting in:
- $164 billion added to GDP in 2023 across 40 countries.
- Projected GDP increase of $285.8 billion by 2028.
- Consumer and business savings of $116.9 billion expected in 2023, growing to $245.8 billion by 2028.
Financial Inclusion
The report shows that real-time payments enhance financial access, especially for:
- Younger individuals (18-24 years old)
- Women
- Low-income groups
By 2028, 167.2 million people in 28 countries could open bank accounts.
Countries with the highest increases in banked citizens include:
- Pakistan: 63.5 million
- India: 25.5 million
- Philippines: 20.9 million
Profit Opportunities for Banks
Real-time payments create significant profit potential, with top markets including:
- Pakistan: $173 billion
- Nigeria: $40.4 billion
- Philippines: $28.7 billion
Regional Highlights
- Asia Pacific: Nations like India and China show strong growth, with India’s GDP rising by $50 million in 2023.
- Africa: Nigeria leads with $7 billion added to GDP, presenting strong bank profit opportunities.
- Europe: The EU aims for growth via instant payments, with Turkey expected to add $5.1 billion by 2028.
- Middle East: Saudi Arabia expects a boost of $1.1 billion in GDP by 2028.
- Latin America: Brazil saw a $24.6 billion GDP increase, while Mexico is poised for $10.3 billion in 2023.
- North America: The U.S. saved over $1 billion due to real-time payments in 2023, projected to grow significantly by 2028.
Research indicates a positive correlation between digital payments and financial inclusion, benefiting individuals and the economy overall.
About ACI Worldwide
ACI Worldwide specializes in global payments technology and helps businesses innovate their payment processes securely.
About Cebr
Cebr offers independent economic forecasts and analysis, assisting various sectors with economic insights for over 30 years.
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