Five Essential Payment Statistics You Should Know

Issue 636: 13 August 2024

Today’s Payments:Unpacked is brought to you by SurePay - with just 78 days left to implement Confirmation of Payee in the UK it pays to get started now!

Five Essential Payment Statistics You Should Know…..

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1: Faster Payments volumes are about to eclipse Bacs Direct Debit

Twelve months to June 2024:

• Bacs Direct Debits: 4.8 billion

• Faster Payments: 4.7 billion

Source: Pay.UK

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2: The average LINK scheme ATM cash withdrawal value has increased to almost £90

Source: LINK

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3: Debit cards are the most used payment method in the UK

Debit cards are the most used payment method in the UK with 24.5 billion payments, accounting for half of all payments.

Source: UK Finance

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4: Spontaneous purchases accounted for 85% of payments made by consumers

Over 85% of all payments made in the UK during 2023 were made by consumers. Spontaneous purchases accounted for 85% of payments made by consumers, with the other 15% of their payments being made to pay for regular bills and commitments.

Source: UK Finance

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5: King Charles banknotes go for 11 times face value

Banknotes with a face value of £78,430 have raised more than 11 times that amount for charity following a series of auctions with a single £10 note with the serial number HB01 000002 sold for £17,000 during bidding.

Source: BBC

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Just 78 days

Also, it is just 78 days until the mandatory implementation of Confirmation of Payee (CoP) in the UK.

Today’s Payments:Unpacked is brought to you by SurePay

Want to have Confirmation of Payee implemented? It pays to get started now!

Supporting 40+ Banks and 215+ Corporates, makes SurePay the largest CoP vendor in the UK and the EU. We're able to help with a quick implementation and have a cost-effective package to suit every PSP.

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Enhance your payments knowledge