In their own right both Direct Debit and Direct Credit are significant payment systems based on volume but in aggregate the numbers add up to a cool 6.5 billion transactions per annum.
As Direct Debit established itself as a firm favourite in the UK’s payment habits and the Direct Credit scheme crystallised its late 1990’s / early 2000’s growth spurt the balance of Bacs transactions has shifted in favour of Direct Debit.
Data source: Pay.UK
The split between Direct Debit and Direct Credit now stands at 70:30.
ICYMI: Subscriber Editions
In addition to my weekly newsletter I also produce a weekly ‘subscriber’ edition.
Three weeks ago the subscription edition outlined the UK’s retail payments landscape and set the scene for the ‘Payments, Payments, Payments’ newsletters in 2020.
Over the last two weeks the subscriber only edition has begun to unpack the UK’s changing payments landscape piece by piece.
Last week, we looked at “Bacs: 6.5 billion transactions a year … and counting” and the Bacs doughnut featured within this briefing.
For a 60 day free subscription click here: 60 Day Free Subscription