The year 2021 saw India’s real-time transactions moving up to a staggering 48.6 billion, almost threefold that of the closest challenger China with 18 billion transactions, and close to seven times greater than the combined real-time payments volume (7.5 billion) of the world’s leading economies: U.S., Canada, U.K., France and Germany, as per an ACI Worldwide Report released this morning with The Hindu.
The widespread adoption of real-time payments resulted in an estimated cost savings of $12.6 billion for Indian businesses and consumers in 2021, which helped to unlock $16.4 billion of economic output which represents 0.56% of the country’s GDP, according to the study published by ACI Worldwide, a provider of real-time payment software in partnership with GlobalData, a data and analytics firm and the Centre for Economics and Business Research (Cebr).