More than 7.3 billion, CHAPS, Bacs Direct Debits and Direct Credits and Faster Payments were made in the UK in 2014, an increase of 3.6% compared with 2013, according to a new report published by Payments UK.
Taken together, automated payments accounted for 38% of all non-cash payments in the UK, with a total value of £5.57 trillion, up 7% from the previous year.
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Faster Payments, which processes virtually every inter-bank mobile and internet banking payment made in the UK, registered the strongest growth, with 1.1 billion payments processed in 2014 – a surge of 14%.
Over 771 million of these were one-off payments and these are expected to increase by two and a half times by 2024, driven in large part by increasing use of mobile banking, the report claims.
Internet banking was the most popular form of remote banking in 2014 – used by 33.3 million people. Nearly 15 million people used the mobile banking service, overtaking telephone banking for the first time.
According to the report, Direct Debits remain the most popular method of automated payment by volume, with 3.7 billion sent in 2014, a rise of 4%.
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By GlobalDataCHAPS payments worth £68 trillion were made last year, an average of £269 billion per day, accounting for 91% of the total value of payments in the UK in 2014.
The volume of CHAPS payments rose by 4.4% to an all-time high of 36.5 million in 2014. CHAPS payments are forecast to be over 50 million by 2024, the report concluded.
