ACI Worldwide has unveiled new data proving instant payments will boost the financial prospects of young adults in the EU. New research from the Centre for Economics and Business Research, commissioned by ACI Worldwide shows that for every 5% increase in the volume of instant payments, the number of 15 to 24-year-olds globally who saved money in the last year increased by 15.6% on average.
According to the latest data, the volume of instant payments in the EU is expected to rise from 7.6 billion transactions in 2023 to 21.2 billion transactions in 2028. This represents a compound annual growth rate of 17.5%. As a result, instant payments as a share of all electronic payments in the EU will increase by 6.1% (from 5% in 2023 to 11.1% in 2028).
Go deeper with GlobalData
Young people are facing many financial hurdles
This news comes at a time when young Europeans face serious financial challenges. Eurostat data shows 24.5% of people aged 15 to 29 are at risk of poverty or social exclusion, which is 2.9 percentage points higher than the rate for the total population (21.6%).
In January 2024, the EU youth unemployment rate was 14.9%. Many young Europeans have been unable to move out of their family home due to a lack of affordable options.
Craig Ramsey, global head, real-time payments, ACI Worldwide, said: “Our research proves that moving money around faster drives economic growth and boosts financial inclusion, which in turn allows those facing the greatest financial pressures to save. Now that instant payments are mandated and expected to grow significantly, young people in the EU will benefit, as will others. ACI is at the forefront of making instant payments a reality for businesses and consumers around the world. We are proud to play our part in improving prosperity and financial inclusion.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
