(MENAFN– AETOSWire) — A new report from 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 research shows a strong connection between real-time payments and financial inclusion, especially benefiting young people, women, and low-income individuals.
“Real-time payments are crucial for economic growth and better financial access,” said Thomas Warsop, CEO of ACI Worldwide. “Modernizing payment systems benefits everyone, including governments and banks.”
Key Findings
- Economic Impact: In 2023, real-time payments added $164 billion in GDP across 40 countries, equivalent to the output of 12 million workers. By 2028, this is expected to grow by 74%.
- Financial Inclusion: By 2028, 167 million people could gain access to banking services, with Pakistan, India, and the Philippines seeing the most growth.
- Profit Opportunities: Major profit potential exists for banks in countries like Pakistan ($173 billion) and Nigeria ($40 billion) due to increased real-time payment activities.
Regional Highlights
- Asia Pacific: Top markets include India and China, with significant GDP boosts expected.
- Africa: Nigeria leads in economic benefits from real-time payments.
- Europe: The EU’s new regulations aim to enhance economic growth and financial inclusion across member states.
- Middle East: Countries like Saudi Arabia and UAE see substantial GDP growth from real-time payments.
- Latin America: Brazil and Mexico enjoy significant economic impacts from adopting real-time payment systems.
- North America: The U.S. benefits are evident, with substantial savings and new bank accounts projected by 2028.
“This research identifies the clear benefits of instant payments in promoting financial inclusion,” said Owen Good, Head of Economic Advisory at Cebr.
About ACI Worldwide
ACI Worldwide is a leader in global payment technology, offering solutions for real-time payments and helping businesses grow while modernizing their payment systems.
About Cebr
Cebr provides independent economic analysis and forecasts, advising both private firms and public organizations for over 30 years.
© ACI Worldwide, Inc. 2024
For the full report, view the source on Business Wire.
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