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UK payments, May 2016: annually- cheques down 13%, Faster Payments +15%, ACH +4%

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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This item appears in the following sections:
Payments - Receipts
Accounts Receivable Management
Direct Debit Bill Payments
Payments - Receipts at POS
Cheque Payments at POS
Payments - Disbursements
Paying Suppliers
Cash & Liquidity Mngm in Europe

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