Over six billion payments, worth a total of £4.8 trillion, were processed by Bacs Payment Schemes in a record breaking year for the firm behind Direct Debit in the UK.

In a single day in September, 109.3 million Direct Debits and Bacs Direct Credits were passed through the system –equivalent to more than seven million payments each hour that the processing window was open (15.5 hours). The figure surpassed the previous daily high of 103.7 million transactions recorded earlier in the year on 28 April.

Direct Debit recorded 4.9 per cent growth in 2016, breaking the four billion mark for the first time, with a total value of £1.3 trillion. Bacs Direct Credit saw values increase by almost five per cent to £3.5 trillion.

Bacs also owns and manages the Current Account Switch Service, which has been used more than 3.5 million times since the service was launched at the end of 2013.

Michael Chambers, CEO of Bacs, said: “Just three years away from Direct Debit’s 50th anniversary, and we’re still seeing tremendous growth in use. This demonstrates the hugely important role Direct Debit still plays for consumers and businesses when it comes to paying those regular bills, and how it remains a payment option of choice for billers from all sectors.

“At a time when the UK payments industry is facing tremendous changes, this is a clear message that established payment methods are still firmly in favour with people and with businesses.”

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