ACI Worldwide study shows real-time payments increase global GDP

The report was released by ACI Worldwide, a provider of global payments technology, in partnership with The Centre for Economics and Business Research (Cebr).

Real-time payments linked to financial inclusion

ACI Worldwide's report highlights a link between real-time payments and financial inclusion across 40 countries. The findings suggest that access to affordable financial services through real-time payments can drive economic growth and help reduce poverty. Moreover, the rise in real-time transactions offers financial institutions significant new revenue opportunities.

Key findings

Real-time payments assist market efficiencies by enabling instant money transfers, reducing transaction costs, and formalising the cash-based economy. Key points include:

• In 2023, real-time payments contributed USD 164 billion to GDP, equating to the output of 12 million workers;

• By 2028, GDP contributions are projected to reach USD 285.8 billion, a 74.2% increase, equivalent to 16.9 million workers;

• Net savings for consumers and businesses amounted to USD 116.9 billion in 2023 and are expected to grow to USD 245.8 billion by 2028.

Real-time payments help financial inclusion, particularly for younger individuals (18-24 years), women, and low-income groups (40% of the lowest earners). By 2028, 167.2 million previously unbanked individuals in 28 countries could gain bank accounts. The top five countries for increased financial inclusion are:

• Pakistan: 63.5 million;

• India: 25.5 million;

• Philippines: 20.9 million;

• Nigeria: 13.8 million;

• China: 13.8 million.

Furthermore, the expansion of real-time payments, along with the increase in financial inclusion, offers banks a substantial profit opportunity. The leading five markets for potential profit are:

• Pakistan – USD 173.0 billion;

• Nigeria – USD 40.4 billion;

• Philippines – USD 28.7 billion;

• India – USD 24.6 billion;

• China – USD 21.2 billion.

Cebr officials stated that they observe that the adoption of real-time payments is anticipated to bring advantages for individuals, the financial sector, and the broader economy.