The UK's Faster Payments Service (FPS) celebrated its fifth birthday on 8th May.
Since 2008 the system has grown rapidly, as evidenced in the transaction volumes:
overall transaction percentage increase of 181%
- 735.6 million
annual transactions in 2012
- 900-950 million transactions anticipated in 2013
- processing around £740 billion a year
This makes it the largest real-time payment system for retail transactions operating today.
To celebrate VocaLink, who operate the service, sent me this infographic: