ACI Worldwide study shows real-time payments increase global GDP

A study by ACI Worldwide found that real-time payments will increase global GDP by $285.8 billion and create 167 million new bank account holders by 2028.

The report was published by ACI Worldwide, a global payments technology provider, in collaboration with the Center for Economics and Business Research (Cebr).

Real-time payments related to financial inclusion

The ACI Worldwide report highlights a connection between real-time payments and financial inclusion in 40 countries. The results suggest that access to affordable financial services through real-time payments can boost economic growth and help reduce poverty. Additionally, the increase in real-time transactions offers financial institutions significant new revenue opportunities.

Key findings

Real-time payments contribute to market efficiency by enabling instant money transfers, reducing transaction costs and formalizing the cash-based economy. Key points include:

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

• By 2028, GDP contributions are expected to reach $285.8 billion, an increase of 74.2%, representing 16.9 million workers;

• Net savings for consumers and businesses were $116.9 billion in 2023 and are expected to increase to $245.8 billion by 2028.

Real-time payments contribute to financial inclusion, especially for younger people (18-24 years old), women and low-income groups (40% of low-income earners). By 2028, 167.2 million people in 28 countries who were previously unbanked could open a bank account. The five countries with the highest levels of financial inclusion are:

Furthermore, the expansion of real-time payments coupled with increasing financial inclusion presents banks with significant profit opportunities. The top five markets for potential profits are:

• Pakistan – US$173.0 billion;

• Nigeria – $40.4 billion;

• Philippines – $28.7 billion;

• India – $24.6 billion;

• China – $21.2 billion.

Cebr officials said they observe that the introduction of real-time payments is expected to bring benefits to individuals, the financial sector and the overall economy.