Celebrating 10 amazing years – 24/7 since 2008

10 year anniversary Faster Payments Brochure

The growth of round the clock, real-time payments is set to continue, according to a new report published today (25 May 2018) by Faster Payments to mark the tenth anniversary of 24/7 real-time payments in the UK.

The UK was one of the first countries in the world to launch a 24/7 real-time payments system, when the Faster Payments service went live on Tuesday 27 May 2008. It has been operating continuously ever since.

Today, more than 230,000 Faster Payments are sent every hour, on average. By contrast, in its first five days of operation in May 2008, just 334,000 Faster Payments were processed – fewer than 3,000 per hour.

Changing consumer behaviour has driven changes such as the growth of internet and mobile banking, making the convenience of 24/7 instant payments part of everyday life in the UK. The below white paper published today, A Decade of Faster Payments, sets out the impact of real-time payments over the past ten years, alongside predictions that suggest the rate of growth could increase still further in the future. Co-authors of the report, strategic consultancy Hunch, identified four key trends they believe will drive the evolving market for payments:

  • The growth of the ‘Economy of Things’ – payments triggered by smart devices connected to the ‘Internet of Things’ - means payments are set to change as much in the next ten years as they have in the last 20.
  • New economic models such as local electricity grids and subscription services for high-value products, such as cars, will become commonplace.
  • Payments are set to rise in volume and shrink in average value as costs fall, with permission-based machine-to-machine payments representing many daily transactions - particularly in business-to-business supply chains.
  • Real-time payments and advances in access and security across payment systems will be key factors in making these changes possible.