Credit card users not fully utilising Faster Payments Service

By UK CreditCards.com

Faster Payments ServiceCredit card customers are not making full use of a system that allows them to make quicker payments, UK payments association Apacs has warned.

The Faster Payments Service has now been in operation for a year and has processed more than 180m transactions, with a total value of nearly £70bn. However, Apacs suggests that the take up should be even higher. According to the group's figures, just under half of all standing order payments use the service.

"Our research shows that some UK customers still aren't aware that the new Faster Payments Service exists whilst some are not sure whether they've used it," said David McFarlane, company manager at clearing company CHAPS -- the firm which manages Faster Payments.

"In part this may be because the rollout across the industry has been gradual, but also because different banks have communicated their new service in different ways."

However, data for the Faster Payments Service shows that it is being used for increasing numbers of transactions each month.
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Published: 2 June 2009