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.)
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.
Bacs Direct Debit and Direct Credit
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