India's Real-Time Payments: Powering Economic Growth

In 2023, real-time payments boosted India's GDP by $50 billion, enhancing financial inclusion and creating growth opportunities. By 2028, they are expected to contribute an additional $76.5 billion to GDP and open 25.5 million new bank accounts. This positions India as a leader in economic efficiency and inclusion.

Real-time payments significantly increased India's GDP by $50 billion in 2023, making it the largest market for GDP growth globally. This impressive growth was highlighted in a report by ACI Worldwide and The Centre for Economics and Business Research.

The report indicates a substantial link between real-time payments and enhanced financial inclusion, projecting a $76.5 billion GDP increase by 2028. This growth positions India well on its path to becoming the world's third-largest economy by 2030–31.

The adoption of real-time payments has accelerated financial access for underserved communities, offering a notable opportunity for banks due to expected profit increases from new bank account holders. India's leadership in this area marks significant progress in global financial connectivity and inclusion.

(With inputs from agencies.)