UK payments, May 2016: annually- cheques down 13%, Faster Payments +15%, ACH +4%
by Kylene Casanova
The UK payment statistics for May 2016 have just been released:
Source & Copyright©2016 - Payment UK
The main trends continue:
- cheque usage continued to decline with 13% fall in last year and total volume now represents only 6% of ACH (BACS) and 28% of Faster Payments volume
- ACH (BACS) payments grew 4% with almost all growth coming from direct debits
- Faster Payments system (launched 2009 and now with a payment limit of £250K)
- continues to grow impressively: 15% overall
- niche applications grow even faster: single payments 21%, and return payments 27%
- CHAPS - overall +3% with wholesale financial (MT202) +5%.
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