This is according to the latest “Real-Time Payments: Economic Impact and Financial Inclusion” report by global payments innovator ACI Worldwide and London-based Centre for Economics and Business Research (Cebr).
This economic boost will translate to 29,238 new jobs, ACI Worldwide said in a statement citing the report.
Growth driver
The study highlights an empirical link between real-time payments and financial inclusion. By providing citizens with access to affordable financial services, real-time payments are positioned to drive economic growth and help lift millions of people out of poverty.
Globally, the report estimates that real-time payments could contribute $285.8 billion in additional GDP growth and enable the creation of over 167 million new bank accounts by 2028. It also identifies substantial profit opportunities for financial institutions stemming from the increased financial inclusion brought about by real-time payments.
Boost to banks' bottom line
“The rise of real-time payments has the potential to open up banking access to millions of new customers, presenting significant growth and profit potential for banks that capitalize on this to modernize and streamline payment technology and services,” Leslie Choo, senior vice president of ACI Worldwide, said in the statement.
In the Philippines, the projected increase in the banked population represents a $28.7-billion profit opportunity for financial institutions by 2028, based on an average customer lifetime value of $1,375.
Rapid adoption, gov't initiatives
The country’s digital payment landscape is at an inflection point, driven by rapid adoption and government initiatives.
The Bangko Sentral ng Pilipinas (BSP) reported that digital payments accounted for 52.8 percent of retail transactions by volume in 2023, seen to increase to 60-70 percent by 2028, signaling immense growth potential.
