(MENAFN– AETOSWire) (BUSINESS WIRE) — A new report by 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.
Published in collaboration with The Centre for Economics and Business Research (Cebr), the report reveals a connection between real-time payments and financial inclusion, showing how accessible financial services can boost economic growth and alleviate poverty.
“Real-time payments are crucial for economic growth and greater financial inclusion,” said Thomas Warsop, CEO of ACI Worldwide. This modernization benefits everyone, including governments and banks.
Key Findings
Economic Impact
- Real-time payments generated $164 billion in GDP across 40 countries in 2023.
- Forecast for 2028: an increase to $285.8 billion, equivalent to the labor of 16.9 million workers.
- Combined savings for consumers and businesses will grow from $116.9 billion in 2023 to $245.8 billion by 2028.
Financial Inclusion
- By 2028, 167.2 million previously unbanked individuals could gain access to bank accounts in 28 studied countries.
- Top countries for new 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: Major real-time payment markets include India and China, with India’s GDP benefiting by $50 million in 2023.
- Africa: Nigeria saw a $7 billion GDP boost, leading the region.
- Europe: Instant payments in the EU aim to replicate successful models from countries like Turkey and the UK.
- Middle East: Saudi Arabia is projected to gain $1.1 billion in GDP by 2028.
- Latin America: Brazil benefited $24.6 billion from real-time payments, with Mexico also seeing significant gains.
- North America: The U.S. saved over $1 billion in 2023, projected to rise to $4.4 billion by 2028.
“This research links instant payments to financial inclusion, benefitting individuals and the economy at large,” said Owen Good from Cebr.
About ACI Worldwide
ACI Worldwide specializes in global payment technology, providing software solutions that enhance real-time payment processing for businesses and banks.
About Cebr
Cebr has provided independent economic analysis for over 30 years, helping firms and governments anticipate economic developments.
© Copyright ACI Worldwide, Inc. 2024
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