MANILA, Philippines — A recent report from ACI Worldwide and The Centre for Economics and Business Research (Cebr) forecasts a significant economic uplift for the Philippines due to real-time payments. By 2028, these payments are projected to bring banking access to 21 million unbanked Filipinos, contributing $323 million in GDP growth, equivalent to 29,238 jobs.
Real-time payments, a cornerstone of digital finance, are linked to boosting financial inclusion and enabling affordable access to banking. Globally, this technology is anticipated to add $285.8 billion in GDP and open 167 million new bank accounts by 2028.
Economic Growth Through Financial Inclusion
The report highlights the transformative potential of real-time payments in the Philippines. A projected 23% increase in the banked population, equivalent to 21 million Filipinos, could unlock $28.7 billion in profit opportunities for financial institutions. This estimate is based on a typical customer lifetime value of $1,375.
“Real-time payments can bridge critical financial gaps, empowering millions and driving economic growth,” said Leslie Choo, Senior Vice President of ACI Worldwide.
Government Initiatives Drive Adoption
The Bangko Sentral ng Pilipinas (BSP) reports that digital payments comprised 52.8% of retail transactions in 2023, with a target of 60-70% by 2028. This rapid adoption, supported by government initiatives, positions the Philippines as a leader in digital finance, fostering a connected financial ecosystem.
Real-time payments are reshaping the financial landscape, offering significant societal and economic benefits as the Philippines embraces this digital transformation.
FAQs
What are real-time payments?
Real-time payments allow instant fund transfers between banks and users, enabling seamless transactions.
How will real-time payments impact the Philippine economy?
By 2028, they are expected to add $323 million to GDP, create jobs, and enhance financial inclusion.
How many Filipinos will gain banking access?
Approximately 21 million unbanked Filipinos will gain access to financial services.
What role does the BSP play in this growth?
The BSP has driven digital payment adoption, achieving 52.8% of retail transactions in 2023 and targeting 60-70% by 2028.
What are the opportunities for banks?
Banks could see $28.7 billion in profits by capitalizing on the expanded customer base enabled by real-time payments.