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Australia and New Zealand Look to New Era in Real-Time Payments – ACI Worldwide Report
Australia and New Zealand are lagging as the adoption of real-time payments is proving slower than in other leading economies of the region 118.3 billion
About this update from Aci Worldwide, Inc.
[{"type":"text","content":"\n\nAustralia and New Zealand are lagging as the adoption of real-time payments is proving slower than in other leading economies of the region\n\n\n118.3 billion real-time payment transactions were made globally in 2021 – a YoY growth of 64.5 percent – set to rise to 427.7 billion in 2026, according to GlobalData\n\n\nReal-time payments are forecast to help generate additional GDP of US$173 billion by 2026, up from US$78.4 billion in 2021 – according to a Cebr economic impact study of 30 of the world's largest economies, including both industrialized and developing nations\n\n\nCebr study outlines wide-ranging policy recommendations to maximize the economic impact of real-time payments\n\n\n SYDNEY--(BUSINESS WIRE)--\nAustralia and New Zealand are looking to a new era in real-time payments with a renewed sense of urgency and rush to modernise as the region seeks to make ground on regional competitors, according to the 3rd edition of Prime Time for Real Time 2022, published by ACI Worldwide, (NASDAQ: ACIW), in partnership with GlobalData, a leading data and analytics company, and the Centre for Economics and Business Research (Cebr).\n\nThe report – tracking real-time payments volumes and growth across 53 countries – includes an economic impact study for the first time, providing a comprehensive view of the economic benefits of real-time payments for consumers, businesses and the broader economy across 30 countries. The report covers all G20 nations, excluding Russia. *\n\nThe research shows that governments that advance the real-time modernization of their national payments infrastructure create a win-win situation for all stakeholders in the payments ecosystem: consumers and businesses benefit from fast, frictionless and hyper-connected payments services, financial institutions future-proof their business in a highly competitive environment by speeding up cloud-first and data-centric modernization, and national governments boost economic growth, reduce the size of their shadow economy and create a fairer financial system for all.\n\nHighlights Australia and New Zealand\n\nAustralia:\n\n\nReal-time payments in Australia account for only 5.5% of total payments transaction volume with growth hindered by the country's strong reliance and preference for card-based schemes.\n\n\nIn 2021, Australia recorded 970 million real-time tran...