Payment movers and shakers

Issue 388 | 26 September 2022

In this edition of the Payments:Unpacked Tracker we compare the volume and value of payments processed in the UK¹ with the conditions in the equivalent months in 2021 (when restrictions had been lifted at the end of Lockdown 3.0.)

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Source: Pay.UK

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Faster Payments

In the 12 months to the end of August 2022 we see that:

• Single Immediate Payment volumes have increased by 17% (12 months to July 18%).

• Total Faster Payment volumes have increased by 16% (12 months to July 17%).

• Single Immediate Payment values have increased by 23% (12 months to July 23%).

• Total Faster Payment values have increased by 22% (12 months to July 21%).

The trend has continued in August with both volumes and values ahead of 2021 levels. The month of August 2022 saw an increase of 20% in the volume of Single Immediate Payments processed in the month compared to 2021 and 36% in the value of Single Immediate Payments.

The widespread use of Faster Payments is a digital payment habit that will be here to stay, reinforced throughout each lockdown and with volumes and values continuing to increase month on month. Although the trajectory has flattened a little particularly when similar conditions have been in place, an overall significant increase year on year looks set to continue for some while to come – particularly with inflationary pressures also having an impact on the value of payments processed.

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Bacs Direct Debit and Direct Credit