10 things you might not know about Direct Debit
July 18, 2019
Paying for goods and services by Direct Debit has become so ingrained within the payments landscape, that we barely give the process a second thought. And yet, some of the facts and figures around the humble Direct Debit are truly amazing.
Cambridgeshire-based Direct Debit and automated payment processing company, Eazipay Ltd, shares ten snippets about Direct Debit and Bacs Direct Credits that put the popularity of the payment method into focus:
1. Direct Debit and Bacs Direct Credits have been a key part of the UK payments landscape for over fifty years and are seen as vital to the smooth functioning of the UK economy
2. Nine out of 10 adults in the UK has a least one Direct debit
3. In 2018, a huge 6.4 billion Direct Debit and Bacs Direct Credit transactions were processed with a total value of £5 trillion
4. Direct Debit processing volumes have been broken year on year for the last decade
5. Every Direct Debit transaction is backed by a cast iron guarantee, the Direct Debit Guarantee
6. Automated payments hit an all-time peak in 2018 with brand new annual, monthly, and daily records set – one of them, twice
7. In August 2018, 580 million Direct Debit payments were processed
8. On just one day in November 2018 a massive 123 million payments were recorded
9. There were £3.63 trillion worth of Bacs Direct Credit (a payment process used to pay wages, salaries and pensions) transactions in 2018
10. Since 1968, when the service launched, some 125 billion transactions have been processed by Bacs, the company behind Direct Debit in the UK.
For further press information, please contact:
Damion Clark at Real PR (Consultants) LLP. Tel: 01353 667934 or 07789 911314 Email: firstname.lastname@example.org