(MENAFN– AETOSWire) (BUSINESS WIRE) — A report from ACI Worldwide predicts that real-time payments will boost global GDP by $285.8 billion and add over 167 million new bank account holders by 2028.
The report shows a clear link between real-time payments and financial inclusion, indicating these payments can drive economic growth and reduce poverty.
“Real-time payments are key for economic growth and improving financial inclusion,” said Thomas Warsop, CEO of ACI Worldwide.
Key Findings
Economic Impact
- Real-time payments increased GDP by $164 billion in 2023, equivalent to 12 million workers.
- By 2028, this contribution is expected to rise to $285.8 billion, equal to 16.9 million workers.
- Consumer and business savings from these payments were $116.9 billion in 2023 and could grow to $245.8 billion by 2028.
Financial Inclusion
- Real-time payments will potentially allow 167.2 million previously unbanked individuals to open accounts by 2028.
- Top countries for new bank accounts are: Pakistan (63.5M), India (25.5M), Philippines (20.9M), Nigeria (13.8M), and China (13.8M).
Profit Opportunities for Banks
- Top profit markets include: Pakistan ($173B), Nigeria ($40.4B), Philippines ($28.7B), India ($24.6B), and China ($21.2B).
Regional Highlights
- Asia Pacific: India leads with a $50 million GDP boost in 2023; predictions show major contributions from real-time payments across the region.
- Africa: Nigeria gained $7 billion in GDP from real-time payments and has significant profit opportunities for banks.
- Europe: The EU’s Instant Payments Regulation aims to enhance growth and financial inclusion in all 27 member states.
- Middle East: Saudi Arabia and UAE are expected to see GDP boosts from real-time payments.
- Latin America: Brazil gained $24.6 billion and Mexico $10.3 billion in 2023; Colombia may open 5.1 million new accounts by 2028.
- North America: The U.S. saved $1 billion in 2023, projected to reach $4.4 billion by 2028, with 4.9 million new bank accounts expected.
“This research highlights how real-time payments can connect more individuals to financial services, benefiting the entire economy,” stated Owen Good from Cebr.
About ACI Worldwide
ACI Worldwide is a leader in global payments technology, offering software solutions for real-time payment orchestration.
About Cebr
Cebr has provided independent economic analysis for over 30 years and is a trusted advisor to governments and businesses.
© Copyright ACI Worldwide, Inc. 2024
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