(MENAFN – AETOSWire) (BUSINESS WIRE) — Real-time payments are expected to generate an extra $285.8 billion in global GDP and create over 167 million new bank accounts by 2028, according to an ACI Worldwide report in collaboration with The Centre for Economics and Business Research (Cebr).
This report highlights the link between real-time payments and financial inclusion, showing that these payments promote economic growth by providing affordable financial services, which can help lift many out of poverty.
“Real-time payments are crucial for economic growth and enhance financial inclusion,” said ACI Worldwide CEO Thomas Warsop. “This modernization benefits everyone, including governments and banks.”
Key Findings:
Economic Impact:
- Real-time payments boosted GDP by $164 billion in 2023 across 40 countries, equivalent to 12 million workers’ labor.
- By 2028, this contribution is projected to reach $285.8 billion.
- Consumer and business savings are forecasted to grow from $116.9 billion in 2023 to $245.8 billion by 2028.
Financial Inclusion:
- 167.2 million unbanked individuals may gain access to bank accounts by 2028.
- Top countries for increased bank accounts: Pakistan (63.5 million), India (25.5 million), Philippines (20.9 million), Nigeria (13.8 million), China (13.8 million).
Profit Opportunities for Banks:
- Top 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: India is the largest market for GDP growth, while Indonesia is fast-growing.
- Africa: Nigeria gained $7 billion in GDP, leading in profit opportunities.
- Europe: The EU aims for economic growth via instant payments, with Turkey and the UK benefiting significantly.
- Middle East: Saudi Arabia and others are quickly adopting real-time payments.
- Latin America: Brazil and Mexico are having substantial economic benefits.
- North America: The U.S. is projected to quadruple savings from real-time payments by 2028, with 4.9 million new bank accounts possible.
“This research establishes a clear connection between instant payments and financial inclusion, indicating that quicker transactions benefit all,” stated Owen Good from Cebr.
About ACI Worldwide:
ACI Worldwide provides innovative global payment solutions, empowering organizations to modernize and grow securely.
About Cebr:
Cebr has provided independent economic analysis for over 30 years, helping organizations navigate economic forecasts.
© Copyright ACI Worldwide, Inc. 2024. ACI Worldwide and associated trademarks are owned by ACI Worldwide, Inc.
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