The report leverages data from 40 countries and reveals for the first time an empirical link between real-time payments and financial inclusion.The research indicates that 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. Additionally, the associated financial inclusion uplift experienced by many countries as a result of increasing real-time transactions presents significant new revenue opportunities for financial institutions.“Real-time payments act as a powerful catalyst for economic growth and societal transformation in modern, digital economies. They improve the efficiency of financial systems and ​enable greater financial inclusion,” says Thomas Warsop, president and CEO, ACI Worldwide. “This research demonstrates how payments modernization presents a win-win proposition for everyone, including governments and banks.”Across all 40 countries in the study, real-time payments boosted GDP by a total of $164.0 billion in 2023 - equivalent to the labor output of 12 million workers. By 2028, GDP contributions from real-time payments will total $285.8 billion, the report forecasts - a 74.2% increase over five years, equivalent to the labor of 16.9 million workers.Moreover, over the next four years, 167.2 million previously excluded from the financial system across the 28 countries studied for financial inclusion could have bank accounts.The data indicates a significant profit opportunity for banks, particularly in the dynamic emerging market economies of Pakistan, Nigeria, Philippines, India and China. Owen Good, head of economic advisory at CEBR, comments: “As economies increase adoption of instant payments, reduction in transaction costs, enhancements to user experience and wider behavioural factors are directed linked to increasing the share of the population engaging with financial institutions. We continue to see that moving money in seconds rather than days rewards everyone associated with the transaction.”