Faster Payments available to 50% of credit card accounts
More than half of all credit card accounts are payable through the Faster Payments system, according to UK payments association Apacs.
Faster Payments available to 50% of credit card accounts”
A year since the system was launched, four major credit card companies now offer the facility which allows payments to reach credit card accounts much faster than before.
Technical work is also being carried out by other credit card companies so that they can also offer this service.
Since Faster Payments was launched, 180 million payments have been made using the system, with a total value of nearly £70 billion.
The day that the highest transaction volume was processed was March 2nd, with payments valuing over £1 billion.
David McFarlane, company manager of clearing company Chaps, said: "It's no surprise that now the technology has a year's worth of successful and continuous service under its belt we're getting enquiries from all around the world from countries looking to follow our lead".
Some banks may not be offering Faster Payments to their personal customers yet, concentrating on their corporate customers for the immediate future.
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