Automated payments hit an all-time high in 2018 with brand new annual, monthly, and daily
records set – one of them, twice.
Bacs Payment Schemes Limited (Bacs), owned by leading retail payments authority Pay.UK,
processed a mammoth 6.4 billion transactions worth just shy of £5 trillion across the year. That
continues more than a decade of growth – back in 2006, the annual high for Bacs transactions
was just 5 billion, a record which has been broken every year since.
Across August 2018 alone, 580 million payments were processed, smashing the existing record
of 573 million, which had stood for almost three years (December 2015).
A new daily high of 114 million transactions was set at the end of the same month but stood
only briefly , as a massive 123 million payments were processed in a single day in November, an
increase of almost eight per cent.
Direct Debits soared to nearly 4.4 billion transactions – that’s more than eight Direct Debits for
every UK adult - while Bacs Direct Credit, used to pay wages, salaries, pensions, and benefits,
as well as supplier payments, saw values of almost £3.63 trillion, the highest recorded; that
compares with £2.96 trillion 10 years earlier.
Paul Horlock, chief executive of Pay.UK, said:
“We are working hard to create the best retail payments industry in the world, and results
like this underline the strength of the foundations on which we are building. We are
committed to enabling a vibrant UK economy, and the continued growth of these
established payment products can only help us in delivering that.”
In 2018, Pay.UK brought together the most important UK retail payment services, with Bacs,
Faster Payments, and Cheque and Credit Clearing all now part of the same organisation.
The company is responsible for leading substantial change within the industry, with the
interests of individuals, businesses, and the public sector at the heart of all new developments.
Those developments range from creating rules and standards which will help protect against
fraud to delivering the National Payments Architecture, a major project to improve and future-
proof payment processing.
To mark a record-breaking 2018 we have also produced an infographic highlighting some of the key stats from a momentous 12 months.
For further information contact our press office.