Source: Bacs Payment Schemes
Bacs Payment Schemes Limited (Bacs) has revealed record processing figures for 2008, demonstrating that Direct Debit and Bacs Direct Credit remained two of the most popular ways of moving money around in the UK last year.
- In 2008, Bacs was responsible for processing more than 5.6 billion UK payments, with a total value of £3.85 trillion GBP.
- Just over three billion payments processed were Direct Debit transactions. These had a combined value of almost £1 trillion (GBP).
- In 2008, more than 2.25 billion payments were processed using Bacs Direct Credit, a new record for the payment method by which most people get paid. The total financial value of payments circulated this way was £2.9 trillion (GBP).
- The highest peak day for payments in 2008 occurred in November when Bacs debited or credited bank accounts, in a 24 hour period, with 88.3 million payments.
- The overall volume of payments processed by Bacs grew 2.8% in 2008 with the monetary value of those transactions increasing by 6.8%.