bacs posts new record for the number of payments processed in a single day
May 4, 2016
An impressive 103.7 million payments were processed in just one day in April by Bacs Payment Schemes Limited (Bacs), the organisation behind Direct Debit and Bacs Direct Credit in the UK – a new record for the number of transactions in a single day.
That’s the equivalent of 6.7 million payments passing through the Bacs system each hour the processing window was open (15.5 hours), or 111,000 per minute.
The record-breaking figure, set on Thursday 28 April, surpasses the previous daily high of 103 million transactions set just last year on 31 July 2015.
Making regular payments by Direct Debit has become second nature for millions of consumers, with almost nine-out-of-ten adults in the UK having at least one Direct Debit and around 73 per cent of household bills paid this way.
And nearly 90 per cent of the country’s workforce is paid using Bacs Direct Credit and almost one billion welfare payments are made this way every year.
Bacs CEO, Michael Chambers, said “This new milestone is not only a testament to the continued popularity of Direct Debit and Bacs Direct Credit as payment and collection methods among consumers and business, but also confirms the importance of Bacs to the UK financial infrastructure.”
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