Real-Time Payments Drive Economic Growth and Financial Inclusion, Report Finds

Real-time payments could boost global GDP by $285.8 billion and open 167 million new bank accounts by 2028, according to a report by paytech firm ACI Worldwide and the Centre for Economics and Business Research (CEBR), as highlighted in The Fintech Times.

The report highlights a strong connection between real-time payments and financial inclusion. By enabling instant money transfers and lowering transaction costs, these payments not only improve market efficiencies but also formalize cash-based transactions, which expands economic opportunities.

Thomas Warsop, President and CEO of ACI Worldwide, emphasized: «Real-time payments act as a powerful catalyst for economic growth and societal transformation in modern, digital economies. This research demonstrates how payments modernisation benefits governments, banks, and citizens alike.»

In 2023, real-time payments across 40 countries contributed $164 billion to global GDP—equivalent to the labor output of 12 million workers. This growth is expected to rise even further by 2028, especially in regions such as Europe, where the EU’s Instant Payments Regulation aims to accelerate adoption and boost financial inclusion.

Some countries are already showing significant progress. Turkey is forecast to generate $5.1 billion in additional GDP by 2028, followed by the UK with $4 billion. In the Middle East, Saudi Arabia’s GDP is expected to rise by $1.1 billion, and Bahrain’s by $677.6 million, reflecting the region’s rapid shift towards real-time payments.

According to Owen Good, head of economic advisory at CEBR: «For the first time, we identify a positive link between instant payments and financial inclusion. Faster payments reduce costs and enhance user experience, helping a broader population access financial services.»

The report also finds that younger adults, women, and low-income groups are among the biggest beneficiaries of financial inclusion through real-time payments. By 2028, 167 million people previously excluded from formal banking could gain access to financial services, underscoring the transformative potential of real-time payment systems.