This month's Bacs Focus reported a record breaking year for our colleagues. Figures released last week (10 January) revealed that 2017 was a record year for Bacs, with over 6.34 billion payments, worth a total in excess of £4.9 trillion.
Across the year, Direct Debit volumes grew by 3.8 per cent to over 4.2 billion, totalling over £1.3 trillion, with 155 million more payments made this way than in 2016, while Bacs Direct Credit saw values increase to £3.6 trillion, up 3 per cent on the previous 12 months.
At the end of June 2017, a huge 111.7 million Direct Debits and Bacs Direct Credits passed through the system in a single day – that’s the equivalent of more than 7.2 million payments each hour the processing window was open (15.5 hours), or in excess of 120,000 per minute. That figure surpasses the previous daily high of 109.3 million transactions recorded in September 2016.
Michael Chambers, chief executive officer of Bacs, said: “At a time of unprecedented change across the sector, this continued and impressive growth once again underlines just how important our payment products are to consumers and businesses alike throughout the UK.”
To read more about this record-breaking year click here.
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