Another revolution around the sun, another celebration of record-breaking success for the ever-popular payment solution Direct Debit.
The latest figures published by Bacs detail continued growth for Direct Debit over the course of 2017. It would seem that this champion payment method isn’t set to decline in the minds of businesses and consumers anytime soon.
In 2017:
Direct Debit experienced 3.8% growth
The total value of Direct Debit transactions racked up to an impressive £1.3 billion.
That’s a whopping 155 million more payments per annum than the previous year
This brings the the total number of transactions in 2017 up to 4.2 billion, a big lead on 2016.
Direct Debit payments average out at an additional three more for every adult in the UK
Hooray! That’s a whole lot of new gym memberships, which can only mean a healthier population.
Bacs social media review figures show a 95% positivity rate for Direct Debit
It makes sense when you consider the array of benefits that Direct Debit provides.
Direct Debit contributed to the record processing high set by Bacs last June
With assistance from Direct Debit’s sibling, Direct Credit, more than 111 million payments were processed in just one day. This was 120,000 transactions in just one minute – an impressive PB!
On discussing Direct Debit’s positive growth trend over 2017, Bacs Chief Executive Officer, Michael Chambers, rightly commented: ‘quite honestly. the less that consumers and businesses need to think about the financial ‘plumbing’ the better!’
Very eloquently put. He’s right. Direct Debit is nothing if not convenient, and we at DFC look forward to seeing its convenience carry it to even more new highs over the course of the 2017. Stay posted!