Last month:

• In March, Faster Payments processed 384.4 million payments, which is a 2% increase on the amount processed in March 2023.
• These payments amounted to a total of £324 billion for the month. This is a 2% decrease on March 2023’s total.

Last Quarter:

• Q1 of 2024 saw 1,176 million payments processed by Faster Payments, an 11% increase on the amount processed in Q1 for 2023.
• The total amount of payments processed during this quarter was £974 billion, which is a 7% increase on 2023 Q1 ‘s total.

Last year

• 2023 saw Faster Payments break the record for the highest amount of payments processed in a single year.
• 2022 saw 3.9 billion payments processed, whereas in 2023 the figure grew to over 4.5 billion.
• In total, there were 564 million more payments processed than in 2022. This is an increase of 14%.
• Faster Payments broke the record in 2023 for the number of payments processed in a single year.
• £3.2 trillion was transferred via Faster Payments in 2022. In 2023 however, over £3.7 trillion was transferred.
• In total, the amount processed in 2023 rose by £500.5 billion compared to 2022. This is an increase of 15%.