UK clearings dominated by BACS (77%) but Faster Payments already over 17% share

The transformation of the UK clearings continues with cheques in a long term decline (-15%/annum) as astounding Faster Payments Service growth goes on.

UK Payment Statistics December 2016

The decline in cheque usage is matched and exceeded by the huge growth in Single Immediate Payment at +21%.

Future growth

Direct debit usage growth at 4%/year, and BACS credit transactions slow decline combined with an increase in value trend is expected to continue in the short term.

The linking of mobile phones to the Faster Payments Service drives much of the growth in FPS.

CTMfile take: The outstanding issue is whether the usage of FPS Single Immediate Payments will eventually produce a decline in BACS traffic.