Bacs is hailing another “record breaking year” after a total of £4.8 trillion in payments was processed by the scheme in 2016. During September 109.3 million Direct Debit and Direct Credit charges passed through the system in one day – seven million payments every hour. Direct Debit grew by 4.9% over the year, reaching a figure of £1.3 trillion. Bacs Direct Credit increased by 5% in the same time period, to £3.5 trillion.

“Just three years away from Direct Debit’s 50th anniversary we’re still seeing tremendous growth in use,” says Michael Chambers, CEO of Bacs. “This demonstrates the hugely important role Direct Debit still plays for consumers and businesses when it comes to paying those regular bills, and how it remains a payment option of choice for billers from all sectors.”

The Current Account Switch Service, also owned by Bacs, extended its coverage to almost 100% of the UK current account market, and to date has been used 3.5 million times since its launch at the tail end of 2013. “At a time when the UK payments industry is facing tremendous changes, this is a clear message that established payment methods are still firmly in favour with people and with businesses,” adds Chambers.

[do_widget id=text-34]

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: