Annual number of instant payment transactions in the UK 2008-2022
Instant payment transactions in the UK, using Faster Payments (FP), grew by over 500 million between 2021 and 2022. This may indicate that the use of real-time payments is growing in the United Kingdom. Note, however, that Faster Payments - a system rolled out in early 2008 - mostly serves bank transfers and is not necessarily used for consumer payments. FP, in that sense, is more akin to a clearing house system similar to SWIFT as opposed to instant payment schemes Pix in Brazil or CoDi in Mexico, which were deliberately created by domestic banks to help promote digital payments in those countries.