2015 was yet another record
breaking year for Bacs Payment Schemes Limited (Bacs). The company behind
Direct Debit in the
On one day alone, in July, Bacs processed a massive 103 million Direct Debits and Bacs Direct Credits – that’s 6.7 million every hour the system was open, or 111,000 transactions each minute.
And the year brought huge growth in the use of Direct Debits; the number of payments made this way rose by 239 million, surpassing the last record of 161 million set in 2004 by some way. In percentage terms, that’s an increase of 6.6%.
2015 was also the first full
year that the Driving and Vehicle Licensing Agency offered Direct Debit as a
payment option, and 10.8 million of the
And that attitude towards the payment method is reflected more widely, too - in 2015, the proportion of people who felt positively towards Direct Debit stood at 85%, with two thirds (66%) saying they prefer to pay most of their bills by Direct Debit. Almost nine in ten adults (89%) had at least one Direct Debit commitment, with 73% of all household bills paid this way, up from 71% in 2014.
Michael Chambers, chief executive officer, Bacs, said:
“Despite having been around
for almost half a century, Direct Debit continues to be the payment method of
As well as its core payment
methods, Bacs also owns and runs the Current Account Switch Service, which was
developed to remove barriers to switching for consumers, small businesses, and
small charities. With 43 participants covering almost 100% of the
Bacs is also responsible for the Cash ISA Transfer Service, Biller Update Service, and the Extended Industry Sort Code Directory, as well as the new Bulk Redirection Service which is used by banks, government departments, and large corporates for moving substantial numbers of accounts and regular payments between banking providers.