For the second consecutive year , the Middle East is the fastest-growing real-time payments market globally , according to the 2024 Prime Time for Real-Time report , published by ACI Worldwide , a global leader in missioncritical , real-time payments software , in partnership with GlobalData , a leading data and analytics company . n the Middle East , realtime payments are swiftly

I emerging as a bedrock of modern economies . With governments in the region implementing real-time payment schemes , businesses and consumers are experiencing tangible benefits , propelling the region into a new era of financial transformation and opportunity .

The region saw a remarkable YoY growth of 33.6 % in 2023 with 855 million real-time payment transactions , which is projected to grow to 3 billion by 2028 , a 2023 – 2028 CAGR of 28.8 %. Last year marked a significant milestone as Oman , Kuwait and Qatar each launched their national realtime payment schemes , joining the more established regional players such as Saudi

Arabia , Bahrain and the UAE . With all six GCC member states now running real-time payment programmes , transaction value in the Middle East is projected to rise from US $ 230 billion in 2023 to US $ 903 billion by 2028 . Bahrain is one of the most developed payment markets in the Middle East , with real-time payments accounting for nearly 50 % of the total payment volume in the country and the majority of all electronic payments .

“ Real-time payments eliminate payment friction , inject greater liquidity into the system , and promote economic growth and financial inclusion . Yet , their full potential can only be realised when banks transcend legacy silo systems . With real-time payment schemes now www . intelligentfin . tech

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