The UK’s Automated Clearing House BACS Limited, has processed the 50 billionth transaction since the company was formed in 1968. According to BACS, the landmark figure has been accomplished due to the popularity of direct debit and direct credit in the UK, which, last year – along with standing orders – totalled four billion transactions. At present, BACS processes an average of 16 million transactions every day compared to 9.7 million in its entire first year of operation. The total annual value of payments processed has leapt from £95m in 1968 to nearly £2.6 trillion in 2003. Commenting on the news, Mike Chambers of BACS Payment Schemes Limited, said: ‘We have seen a rapid growth in the use of direct debit, direct credit and standing orders to pay bills, benefits and salaries. This will continue and our current forecasts predict that over five billion payments will be made using our products in 2007 alone.’
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