Automated payments hit an all time in 2018 as Pay UK record volumes highlight the UK’s world class payments infrastructure.

Bacs owned by retail payments authority Pay UK, processed 6.4 billion transactions worth almost £5trn during 2018.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

It is the 12th successive year the annual Bacs record has been broken.

In August 2018, Bacs processed 580 million payments. This broke the existing record of 573 million, dating back to December 2015.

A new daily high of 114 million transactions was set at the end of August 2018. That record was broken in November when 123 million payments were processed in one day.

In 2018, direct debits soared to nearly 4.4 billion transactions. That is the equivalent of eight monthly direct debits for every UK adult.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Nine out of 10 adults in the UK have at least one Direct Debit commitment. Bacs Direct Credit is used to pay over 90% of the UK workforce, as well as one billion benefit payments, and pensions and dividends.

Pay UK record volumes, record direct credits

Pay UK record volumes also apply to Bacs Direct Credits. Such payments include wages, salaries, pensions, and benefits, as well as supplier payments. Record values of almost £3.63bn in 2018 compare with £2.9bn ten years ago.

Paul Horlock, chief executive of Pay.UK, says: “We are working hard to create the best retail payments industry in the world.  Results like this underline the strength of the foundations on which we are building.  We are committed to enabling a vibrant UK economy, and the continued growth of these established payment products can only help us in delivering that.”

In 2018, Pay UK brought together the most important UK retail payment services. Bacs, Faster Payments, and Cheque and Credit Clearing are all now part of the same organisation.

PayUK’s remit also includes working in the public interest to ensure that the systems the country relies on for its banking transactions are safe, open, innovative and resilient.

Bacs celebrated its 50th anniversary last year.  

Since launching, Bacs has processed over 125 billion payments.