The country’s payments infrastructure is currently archaic – but an upgrade could add 0.11% of the UK’s formal GDP.
Upgrading the UK payments infrastructure and boosting real-time payments adoption could increase GDP by $3.8 billion by 2026.
A new study published by ACI Worldwide, Global Data, and the Centre for Economics and Business Research (Cebr) found that a much-needed upgrade could boost our economy by 0.11% of formal GDP.
Cebr established the enormous ‘untapped potential’ of real-time payments in Britain. Theoretically, the research said, the impact of all payments being real-time could boost the UK’s economy by up to $98 billion in 2026, or 2.7% annually.