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Bacs sets new daily processing record

A staggering 109.3 million payments were processed in just one day in late September by Bacs Payment Schemes Limited (Bacs), the organisation behind Direct Debit and Bacs Direct Credit in the UK. 

The record figure, set in September overtakes the previous daily high of 103.7 million transactions recorded in April representing an increase of 5.4%.

This record breaking announcement from Bacs looks to overtake the figures set in 2015, a year in which over 6 billion transactions were processed for the first time, at a value of £4.6 trillion. That total included an impressive 3.9 billion Direct Debits, an increase of 239 million compared to the previous year.

The aforementioned Bacs statistics certainly suggest that cutting-edge payment solutions are now being used more frequently and First Capital Cashflow predict this trend to carry on over the coming years…

It is almost certain that the strong and continuing growth in the use of Direct Debit which has contributed to this latest record. Direct Debits has become one the most popular payment methods in the UK, with 9 out of 10 adults having at least one Direct Debit and around 73% of household bills paid this way.

The boost is also most certainly attributable to the fact that 90% of the country’s workforce receive their salary using Bacs Direct Credit, with almost 1 billion of welfare payments being made this way.

Bacs CEO, Michael Chambers, said “This new daily record once again underlines the popularity of both Direct Debit and Bacs Direct Credit as payment and collection methods among consumers and businesses.

“At a time when there has never been greater choice in the range of payment methods available, this latest milestone is yet another vote of confidence in our payment products which offer simple, reliable and convenient solutions for users and further confirms the importance of Bacs to the UK financial infrastructure.”

 

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