Real-time payments expect 25.5 million new bank accounts
Real-time payments are forecast to contribute US$76.5 billion of additional GDP to India’s economy by 2028, equivalent to 1.5% of GDP, or the output of 8 million workers, according to an industry report http://iba.org.in.
Comparatively, it was US$50 billion boost for the GDP in 2023, making it the world’s largest market in terms of GDP growth, according to the Real-Time Payments: Economic Impact and Financial Inclusion report published by Nebraska-headquartered ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, in collaboration with The Centre for Economics and Business Research (CEBR). This is equivalent to the output of approximately 6.8 million workers.
The report leverages data from 40 countries and reveals, for the first time, an empirical link between real-time payments and financial inclusion. According to the report, India is on track to become the world’s third-largest economy by 2030–31, according to S&P Global. Real-time payments play a pivotal role in supporting this trajectory, driving unparalleled economic efficiency and growth.
Real-time payments are driving unprecedented growth in enabling financial access for unbanked and underserved communities, accelerating remittance flows and creating opportunities for economic participation, said the report.
“The phenomenal surge in real-time payments and the resulting rise in financial inclusion present a significant growth opportunity for banks,” it said on 19 Dec. 24 https://www.bseindia.com/.
The report reveals that by 2028, real-time payments are expected to add 25.5 million new bank account holders. The projected growth in new account holders presents a US$24.6 billion profit opportunity for financial institutions, derived from the typical customer lifetime value estimated at US$963 https://www.nseindia.com/.
“India dominates the global real-time payments market, with 129.3 billion transactions in 2023,” said Santhosh Rao, Senior Vice President, Sales – MEASA, ACI Worldwide.
“The rise of real-time payments in India has revolutionized banking access, bringing millions of Indians into the formal financial system and empowering them with fast and seamless transactions https://sbi.com.in/.
“As India leads the charge in real-time payments adoption, banks and financial institutions have a unique opportunity to align profitability with purpose, fostering inclusion while capturing untapped growth,” he said.
Globally, real-time payments are expected to contribute US$285.8 billion in additional GDP growth, a 74.2% increase over five years, and create more than 167 million new bank account holders by 2028. The report highlights how real-time payments create a win-win scenario, driving benefits not only for the financial sector but also for the broader economy. India has emerged as a shining example of how real-time payments can drive global connectivity and inclusion, setting a benchmark for building a more integrated and empowered world https://www.sgx.com/.
ACI Worldwide, an original innovator in global payments technology, delivers transformative software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With nearly 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities. Fiinews.com
