Real-time payments are set to add $323 million to the Philippine economy by 2028, according to a new report from ACI Worldwide.
The technology provider said the shift to instant payments will also significantly boost financial inclusion in the Southeast Asian nation.
The report, “Real-Time Payments: Economic Impact and Financial Inclusion,” estimates that 21 million more Filipinos will gain access to banking services, a 23% increase. This, in turn, could generate $28.7 billion in additional revenue for financial institutions, the report said.
The Philippines is one of several countries poised to benefit from the global trend toward real-time payments. Pakistan and India are also expected to see substantial economic gains and increased financial inclusion.
ACI Worldwide highlighted the efficiency and convenience of real-time payments, which can benefit both consumers and businesses. By reducing transaction times and costs, these systems can stimulate economic growth and innovation.
