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Payment Systems in UK Feb 2015: Faster Payments +13%, cheques -12%

The UK Payment Council have just released the figures for the clearing volumes in the UK in February 2015, see below

Source & Copyright©2015 - UK Payment Council

They show that:

  • BACS standing orders growing at 1% /annum
  • BACS direct debits are now growing at 4% /annum
  • BACS credits have reached a level as the Faster Payments Service single immediate payments are taking all the new growth and are increasing by 20%+ / annum
  • Cheques continue to decline at -12% / annum
  • CHAPS transactions are still growing at 4% / annum, while the average value / transaction decline continues at -3% / annum and is at present £121,586/payment. 

UK payment market shares

  • Transactions: Faster Payments now processes 91% of BACS volumes, and is likely to overtake BACS in the 3-4 months. CHAPS processes 4.8% of total transactions.
  • Value: Faster Payments processes 65% of BACS value. CHAPS processes 91.9% of total value.

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This item appears in the following sections:
Payments - Disbursements
Paying Payroll, Pensions, etc.
Paying Suppliers
Urgent/Instant .Payments
Cash & Liquidity Mngm in Europe
Direct Debit Bill Payments
Regular Bill Payments from Businesses
Regular Bill Payments from Consumers