ACI Worldwide’s research showed that real-time payments contributed $164 billion to global GDP.
Real-time payments are also promoting financial inclusion, with over 167 million new bank accounts expected to be created by 2028.
Real-time payment is now an important factor in the global economic growth. According to the latest research, these instant transactions could increase global GDP by $285.8 billion by 2028 and create over 167 million new bank account holders worldwide.
Economic Impact
According to ACI Worldwide, real-time payments are improving economies by
allowing money to flow between consumers and businesses in seconds instead of
days. This efficiency cuts transaction costs and helps bring segments of the
informal economy into the formal financial system.
In 2023 alone, these transactions reportedly contributed $164
billion to global GDP, equivalent to the labor of 12 million workers. By 2028,
this contribution is projected to jump to $285.8 billion, a 74.2% increase over
five years.
The growth is driven by the fact that real-time
payments save money. Consumers and businesses globally saved $116.9 billion in
transaction costs in 2023, a figure expected to reach $245.8 billion by 2028. As the adoption of real-time payments grows, these
savings could fuel economic productivity and create a ripple effect globally.
By 2028, over 167 million people who were previously
unbanked are expected to have opened accounts in the 28 countries studied for
financial inclusion. Emerging markets stand to gain the most. In countries
like Pakistan, India, and the Philippines, the expansion of real-time payments
is projected to create millions of new bank account holders, the report highlighted.
Pakistan leads with 63.5 million new accounts expected, followed by India with 25.5
million and the Philippines with 20.9 million. These newly banked citizens
represent new opportunities for financial institutions.
Profitable Opportunities for Banks
Financial institutions stand to benefit enormously
from the rise of real-time payments. The expansion of real-time payments,
especially in emerging markets, creates a significant revenue opportunity for
banks.
The profit potential from this transformation is estimated at $173 billion in Pakistan alone by 2028. Other countries such as
Nigeria ($40.4 billion), the Philippines ($28.7 billion), and India ($24.6
billion) also present massive opportunities.
Banks are also benefiting from regulatory frameworks
that promote real-time payments. For instance, Brazil’s central bank mandates
real-time payment services for all banks through its PIX system. In India, real-time payments added $50 million to GDP
in 2023, with forecasts predicting $3.6 billion in additional GDP by 2028 in
Indonesia, one of the fastest-growing markets.
Nigeria, Africa’s largest real-time payments market,
experienced $7 billion in GDP growth from these transactions in 2023. The country
leads in profit potential for banks and is projected to generate $40.4
billion in profit opportunities by 2028.
Real-time payment is now an important factor in the global economic growth. According to the latest research, these instant transactions could increase global GDP by $285.8 billion by 2028 and create over 167 million new bank account holders worldwide.
Economic Impact
According to ACI Worldwide, real-time payments are improving economies by
allowing money to flow between consumers and businesses in seconds instead of
days. This efficiency cuts transaction costs and helps bring segments of the
informal economy into the formal financial system.
In 2023 alone, these transactions reportedly contributed $164
billion to global GDP, equivalent to the labor of 12 million workers. By 2028,
this contribution is projected to jump to $285.8 billion, a 74.2% increase over
five years.
The growth is driven by the fact that real-time
payments save money. Consumers and businesses globally saved $116.9 billion in
transaction costs in 2023, a figure expected to reach $245.8 billion by 2028. As the adoption of real-time payments grows, these
savings could fuel economic productivity and create a ripple effect globally.
By 2028, over 167 million people who were previously
unbanked are expected to have opened accounts in the 28 countries studied for
financial inclusion. Emerging markets stand to gain the most. In countries
like Pakistan, India, and the Philippines, the expansion of real-time payments
is projected to create millions of new bank account holders, the report highlighted.
Pakistan leads with 63.5 million new accounts expected, followed by India with 25.5
million and the Philippines with 20.9 million. These newly banked citizens
represent new opportunities for financial institutions.
Profitable Opportunities for Banks
Financial institutions stand to benefit enormously
from the rise of real-time payments. The expansion of real-time payments,
especially in emerging markets, creates a significant revenue opportunity for
banks.
The profit potential from this transformation is estimated at $173 billion in Pakistan alone by 2028. Other countries such as
Nigeria ($40.4 billion), the Philippines ($28.7 billion), and India ($24.6
billion) also present massive opportunities.
Banks are also benefiting from regulatory frameworks
that promote real-time payments. For instance, Brazil’s central bank mandates
real-time payment services for all banks through its PIX system. In India, real-time payments added $50 million to GDP
in 2023, with forecasts predicting $3.6 billion in additional GDP by 2028 in
Indonesia, one of the fastest-growing markets.
Nigeria, Africa’s largest real-time payments market,
experienced $7 billion in GDP growth from these transactions in 2023. The country
leads in profit potential for banks and is projected to generate $40.4
billion in profit opportunities by 2028.
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
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