Real-time payments projected to boost India GDP by $76.5 billion, bring banking access to 25.5 million by 2028: ACI Worldwide Report

Real-time payments are forecast to contribute $76.5 billion of additional GDP to India’s economy by 2028, reported ACI Worldwide, a global payments technology firm, in a study done in collaboration with The Centre for Economics and Business Research (CEBR).

Real-time payments are forecast to contribute $76.5 billion of additional GDP to India’s economy by 2028, equivalent to 1.5% of GDP, or the output of 8.0 million workers, as per the report.

Real-time payments boosted India’s GDP by $50 billion in 2023, making it the world’s largest market in terms of GDP growth, according to Real-Time Payments: Economic Impact and Financial Inclusion report released by ACI Worldwide on Thursday.

The report also revealed that by 2028, real-time payments are expected to add 25.5 million new bank account holders. The projected growth in new account holders presented a $24.6 billion profit opportunity for financial institutions, derived from the typical customer lifetime value estimated at $963, it said.

Santhosh Rao, Senior Vice President, Sales-Middle East-Africa-Southern Asia,  ACI Worldwide said, “India dominates the global real-time payments market, with 129.3 billion transactions in 2023. 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.’”

Globally, real-time payments are expected to contribute $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 predicted.