India leads global real-time payments, drives $50B GDP growth

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 the Real-Time Payments: Economic Impact and Financial Inclusion report published by ACI Worldwide, a global payments technology provider, in collaboration with The Centre for Economics and Business Research (Cebr). This growth is equivalent to the output of approximately 6.8 million workers.

The report, which leverages data from 40 countries, reveals, for the first time,an empirical link between real-time payments and financial inclusion. According to the findings, real-time payments are forecast to contribute an additional $76.5 billion to India’s GDP by 2028, equivalent to 1.5% of GDP, or the output of 8.0 million workers. India is on track to become the world’s third-largest economy by 2030–31, according to S&P Global. Real-time payments play a pivotal role in supporting this trajectory, driving exceptional economic efficiency and growth.

Real-time payments are also driving unprecedented growth in enabling financial access for unbanked and underserved communities, accelerating remittance flows, and creating opportunities for economic participation. The phenomenal surge in real-time payments and the resulting rise in financial inclusion present a significant growth opportunity for banks. The report reveals that by 2028, real-time payments are expected to add 25.5 million new bank account holders. This growth in new account holders presents a $24.6 billion profit opportunity for financial institutions, derived from the typical customer lifetime value, estimated at $963.

“India dominates the global real-time payments market, with 129.3 billion transactions in 2023. The rise of real-time payments in India has revolutionised banking access, bringing millions of Indians into the formal financial system and empowering them with fast and seamless transactions. As India leads the charge in real-time payments adoption, banks and financial institutions have a unique opportunity to align profitability with purpose, fostering inclusion while capturing untapped growth,” said Santhosh Rao, Senior Vice President, Sales – MEASA, ACI Worldwide.

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 highlights how real-time payments create a win-win scenario, benefiting not only the financial sector but also the broader economy. India has emerged as a shining example of how real-time payments can drive global connectivity and inclusion, setting a benchmark for building a more integrated and empowered world.