The world population and businesses are full of differences in colour, race, creed, religion, and how business is organised, but they pay in surprisingly similar ways. Three types of payment system are experiencing huge growth world-wide - ACH, contactless and immediate credit payments.

Automated clearing houses

ACHs are growing fast world-wide and are taking more and more of the bulk payables and receivables traffic. Existing systems and services are having to connect to the local ACHs.

A recent example is how INTL FCStone Ltd’s Global Payments Division have introduced Automated Clearing House (ACH) Connectivity to leverage their global network and infrastructure to enhance their offering for low-value, cross-border payments.

Low-value payments are the single largest driver of growth in GPD’s payments volumes, which are currently ~60% higher than at this time last year. In order to support this increasing demand, the Company has embarked upon an initiative to securely access a greater number of global ACH low-value clearing systems. GPD maintains an extensive network of approximately 300 local correspondent banks worldwide, providing its customers with access to local clearing in 140 currencies across more than 175 countries. The Company has leveraged these trusted correspondent bank relationships to begin implementing ACH connectivity, and is looking to expand on its current ACH offering of 15 currencies by an additional 60 currencies over the next 12 months.

Contactless debit is driving card growth

The UK was an early adopter of contactless payment cards. Consumers in the UK are increasingly using contactless cards. The volume of debit card purchases is forecast (by UK Payments) to grow by 57% to 18.2 billion in 2026, four times the number made in 2006. In a decade’s time, half of all debit card transactions (51%) will be contactless payments. 

Faster Payments in still growing at 20%/annum

The monthly stats for May 2017 on the UK payments market showed that, even after 9 years operation, the Faster Payments’s single immediate credits are still growing at 20%/annum:

Source & Copyright©2017 - UK Payments