Real-time payments are projected to expand banking access to nearly 21 million unbanked Filipinos and boost the country’s GDP by US$323 million by 2028, according to a report by ACI Worldwide and The Centre for Economics and Business Research (Cebr).

This economic uplift could create approximately 29,238 jobs across the Philippines.

The report highlights a strong link between real-time payments and financial inclusion, emphasising how access to affordable financial services can drive economic growth and help reduce poverty.

Globally, these systems are expected to contribute US$285.8 billion to GDP and enable over 167 million people to open bank accounts by 2028.

For the Philippines, the adoption of real-time payments could increase the banked population by 23%, equating to 21 million new account holders.

This shift presents financial institutions with a potential profit opportunity of US$28.7 billion, based on the typical lifetime value of US$1,375 per customer.

The Bangko Sentral ng Pilipinas (BSP) reports that digital payments accounted for 52.8% of retail transactions in 2023 and aims for a 60-70% share by 2028.

These figures underline the rapid progress in digital payments adoption, supported by government initiatives, as the country works to build a connected financial ecosystem benefiting consumers and businesses.

“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 capitalise on this to modernise and streamline payment technology and services.

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.”

said Leslie Choo, Senior Vice President, ACI Worldwide.

Featured image credit: Edited from Freepik