Real-time payments are projected to contribute an additional $285.8 billion to global GDP and create over 167 million new bank account holders by 2028, according to a recent report by ACI Worldwide.
This report, drawing on data from 40 countries, highlights an empirical connection between real-time payments and financial inclusion for the first time. It reveals that access to affordable financial services through real-time payments can stimulate economic growth and help lift millions out of poverty. Moreover, the increased financial inclusion resulting from a rise in real-time transactions presents significant revenue opportunities for financial institutions.
“Real-time payments act as a powerful catalyst for economic growth and societal transformation in modern, digital economies. They enhance the efficiency of financial systems and enable greater financial inclusion,” says Thomas Warsop, president and CEO of ACI Worldwide. “This research demonstrates how payments modernization represents a win-win for everyone, including governments and banks.”
The study indicates that real-time payments are expected to boost GDP by $164.0 billion in 2023—equivalent to the labor output of 12 million workers. By 2028, these contributions will rise to a total of $285.8 billion, reflecting a 74.2% increase over five years, or the labor of 16.9 million workers.
Additionally, over the next four years, approximately 167.2 million individuals previously excluded from the financial system in the 28 countries analyzed may gain access to bank accounts.
The findings also signify a substantial profit opportunity for banks, particularly in emerging market economies such as Pakistan, Nigeria, the Philippines, India, and China.
Owen Good, head of economic advisory at CEBR, notes that as economies adopt instant payments, reductions in transaction costs and improvements in user experience are directly linked to an increased share of the population engaging with financial institutions. “We continue to see that moving money in seconds rather than days benefits everyone involved in the transaction.”