Real-time transactions in the UAE expected to reach 146mln by 2027 – ACI Worldwide Report

Real-time transactions in the UAE expected to reach 146mln by 2027 – ACI Worldwide Report

- Real-time transactions are forecasted to account for 12% of electronic payments in the UAE by 2027, following the imminent launch of the Instant Payment Platform

- Globally, 195.0 billion real-time payment transactions were made in 2022, representing a year-over-year growth of 63.2%

Dubai, United Arab Emirates – New, sophisticated use cases for consumers and businesses are driving global real-time payment volumes to record highs, with 195.0 billion transactions recorded globally in 2022 — a YoY growth of 63.2% — according to the 2023 Prime Time for Real-Time report, published by ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, in partnership with GlobalData, a leading data and analytics company.

Growth for Real-Time Payments in the UAE Is Ripe

According to the ACI report, 37.2 million real-time transactions were made in the UAE in 2022, and this number is expected to increase to 146 million by 2027, representing a five-year compound annual growth rate (CAGR) of 31.5%. Moreover, real-time payments accounted for only 1.1% of total paperless transactions in 2022; this figure is expected to rise to 12% of electronic payments by 2027.

Since last year, ACI Worldwide has been working closely with all market participants to build the domestic real-time payments