Real-time payments are projected to bring significant economic and social benefits to the Philippines, according to a recent report by ACI Worldwide, a global payments technology provider.
The ACI Worldwide report, conducted with The Centre for Economics and Business Research, highlights that real-time payments could boost the country’s GDP by $323 million by 2028 and provide banking access to 21 million unbanked Filipinos.
“Real-time payments have asserted their role as a powerful enabler for societal transformation,” said Leslie Choo, SVP at ACI Worldwide. “They bridge critical gaps in financial access and empower millions of Filipinos.”
The findings emphasize the potential for economic growth linked to increased financial inclusion. By 2028, digital payment adoption is expected to create the equivalent of 29,238 jobs in the country.
Financial institutions are also set to benefit, with the projected rise in the banked population offering a profit opportunity of $28.7 billion. The estimate is based on the typical customer lifetime value of $1,375. Choo noted that banks embracing real-time payments could unlock growth by modernizing their payment systems and services.
The shift aligns with the Bangko Sentral ng Pilipinas’ (BSP) digital payment targets, which aim for digital transactions to make up 60-70% of retail payments by 2028. In 2023, digital payments already accounted for 52.8% of retail transactions.