skip to main content

Instant Payments To Significantly Boost Finances of Young Adults in Europe

ACI Worldwide

ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, instant payments technology, today revealed striking new data proving instant paymentsii will boost the financial prospects of young adults in the EU.

New research from the Centre for Economics and Business Research (Cebr) 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)iii.

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%)iv.

In January 2024, the EU youth unemployment rate was 14.9%v. Many young Europeans have been unable to move out of the family home due to a lack of affordable optionsvi. Meanwhile, some young people in the region now earn less than their parents didvii.

Read More – Source