Real-time payments are expected to expand access to banking services to nearly 21 million unbanked Filipinos and add $323 million to the country’s GDP by 2028, according to a report by ACI Worldwide and the Center for Economic and Business Research (Cebr).
This economic boost could create approximately 29,238 jobs in the Philippines.
The report highlights the strong link between real-time payments and financial inclusion, underscoring how access to affordable financial services can drive economic growth and help reduce poverty.
These systems are expected to contribute $285.8 billion to global GDP and enable more than 167 million people to open bank accounts by 2028.
For the Philippines, adopting real-time payments could increase the number of bank users by 23%, equivalent to 21 million new account holders.
Based on a typical lifetime value of $1,375 per customer, this shift represents a potential profit opportunity of $28.7 billion for financial institutions.
The Bangko Sentral ng Pilipinas (BSP) reports that digital payments will account for 52.8% of retail transactions in 2023, and plans to reach 60-70% by 2028.
The data highlights the rapid progress in the adoption of digital payments, supported by government initiatives, as China works to build a connected financial ecosystem that benefits consumers and businesses.
Leslie Chow
“The rise of real-time payments has the potential to open up banking access to millions of new customers, bringing huge growth and profit potential to banks that capitalize on this to modernize and simplify payment technologies and services.
Real-time payments have become a powerful driver of social transformation, closing critical gaps in financial services and empowering millions of Filipinos.”
leslie Choo, Senior Vice President of aCI Worldwide said.
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