Pay.UK processed record pay volumes and amounts in 2019
19 February 2020
In a press release, it has been confirmed that, in 2019, the three retail systems managed by Pay.UK processed 9.2 billion transactions equating to a total of £7.4 trillion.
The BACS Payments System, responsible for processing Direct Credits and Direct Debits, the Faster Payments System, used for online banking payments and standing orders, and the Image Clearing System, used for processing cheques, are the systems that Pay.UK is responsible for, and transactions across the three systems contributed to the figures that were published.
A further breakdown of the figures highlighted that 4.5 billion Direct Debits were processed by the Bacs Payments System, and Direct Credits, which pay salaries, pensions and benefits, rose to £3.7 trillion, which is the largest total ever recorded.
2.4 billion Faster Payments were processed by Pay.UK, amassing a value of £1.9 trillion, which shows the highest volume levels and value records for Faster Payments since the system was introduced in May 2008. It was also a 19% increase on the value observed in 2018.
257 million cheques were processed in 2019, with cheques now being cleared as images as opposed to pieces of paper, and with more cheques being cleared centrally rather than within banking groups.
COO of Pay.UK, Matthew Hunt, commented:
“Payments are the lifeblood of the UK economy and it’s pleasing to see Pay.UK’s systems being used at levels that represent an all-time high. In supporting a vibrant UK economy, Pay.UK offers users a choice of how to pay, and as part of this, it is vital that consumers and businesses alike have complete faith in the systems they use. It’s therefore extremely reassuring to see that confidence reflected in these record-breaking annual figures.”
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