A recent study by ACI Worldwide has revealed that real-time payments are expected to generate a remarkable $285.8 billion in global GDP growth by 2028. This report, which draws on data from 40 countries, highlights the significant impact of real-time payments on economic expansion, with a notable contribution of $164.0 billion to GDP in 2023 alone. The projected increase represents a 74.2% growth over the next five years, indicating a strong trend towards faster payment systems globally [453622e7].
In addition to economic growth, the study forecasts that real-time payments will create approximately 167 million new bank account holders by 2028, enhancing financial inclusion particularly among younger demographics, women, and low-income groups. Countries expected to see the most significant increases in bank account holders include Pakistan, which is projected to add 63.5 million new accounts, followed by India with 25.5 million, the Philippines with 20.9 million, Nigeria with 13.8 million, and China also with 13.8 million [453622e7].
The financial benefits of real-time payments extend beyond just account creation. The net savings for consumers and businesses are anticipated to grow from $116.9 billion in 2023 to $245.8 billion by 2028. This shift not only reduces transaction costs but also opens up profit opportunities for banks, estimated at $173.0 billion in Pakistan, $40.4 billion in Nigeria, and $28.7 billion in the Philippines [453622e7].
In India, real-time payments are expected to contribute an additional $50 million to the GDP in 2023, while Nigeria's GDP is projected to be boosted by $7.0 billion this year. The European Union's Instant Payments Regulation aims to further enhance financial inclusion across member states, showcasing a global movement towards more accessible financial services [453622e7].
As the demand for faster and more efficient payment systems grows, the U.S. is also set to benefit significantly, with savings from real-time payments projected to quadruple to $4.4 billion by 2028. This trend underscores the critical role that real-time payments will play in shaping the future of financial services and economic growth worldwide [453622e7].