Real-time payments are projected to provide banking access to nearly 21 million unbanked Filipinos and contribute $323 million of additional economic output by 2028—equivalent to 29,238 jobs in the Philippines—according to the latest Real-Time Payments: Economic Impact and Financial Inclusion report published by ACI Worldwide, an original innovator in global payments technology, in partnership with The Centre for Economics and Business Research (Cebr).
The report reveals an empirical link between real-time payments and financial inclusion. By providing citizens with access to affordable financial services, real-time payments drive economic growth and could potentially help lift millions of people out of poverty. Globally, real-time payments are expected to contribute $285.8 billion in additional GDP growth and create more than 167 million new bank account holders by 2028.
The report also quantifies profit opportunities for financial institutions driven by the estimated financial inclusion uplift from adopting real-time payments. According to the report, real-time payments are expected to increase the banked population in the Philippines by 23%, equivalent to 21 million new account holders. This increase presents a profit opportunity of $28.7 billion for financial institutions by 2028, calculated based on the typical customer lifetime value estimated at $1,375.
“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,” said Leslie Choo, Senior Vice President, ACI Worldwide. “Real-time payments have asserted their role as a powerful enabler for societal transformation, bridging critical gaps in financial access and empowering millions of Filipinos.”
The Philippines’ digital payment landscape is at an inflection point driven by rapid adoption and government initiatives, signaling immense growth potential. The Bangko Sentral ng Pilipinas (BSP) reports that digital payments accounted for 52.8% of retail transactions by volume in 2023, targeting a 60-70% share by 2028. As the Philippines continues to charge forward in digital payment adoption, real-time payments are positioned to deliver significant economic and social benefits, building a connected financial ecosystem that supports consumers and businesses alike.
