The UK’s Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit says UK records were broken in 2014, reaching new highs in levels of transactions, demonstrating automated payments remain in favour with businesses and consumers alike.
The total number of transactions processed by Bacs across the year reached record levels, up to just short of 6 billion – an increase of 2.4% over 2013, and the highest growth rate the company has experienced since pre-recessionary 2007.
In one day alone, almost 100 million transactions were processed by Bacs, breaking the previous year’s record; on another, the value of payments moving through the two Bacs schemes (Direct Debit and Bacs Direct Credit) shattered previous highs, reaching £52.3 billion.
As well as the record breaking transaction levels, in 2014 the proportion of people who felt positively towards Direct Debit stood at 85%, with more than two thirds (68%) saying they prefer to pay most of their bills by Direct Debit.
The average family had eight Direct Debits last year, and 79% of people had at least one Direct Debit commitment, with 71% of all household bills paid this way.
“Automated payments were introduced more than four decades ago, but they remain as relevant as ever to UK businesses and bill payers,” comments Michael Chambers, managing director, Bacs.
“Even with new payment options arriving in the marketplace, the security and peace of mind offered to both billers and their customers means Direct Debit continues to grow, and Bacs Direct Credit is still the payment method of choice for employers, pension providers and for a billion benefit payments every year.”