2 PAYMENT METHOD PROFILES: PAY BY BANK
Bank Transfer Global Overview
U.S. Same Day ACH
U.K. Bacs
Australia BECS
EU SEPA
Launch
1972 434
1968 435
1994 436
2009 437
$6 Trillion 441 (H1 2024 – all direct debit) 11 Billion 445 (H1 2024 – all direct debit)
Volume
$7.8 Trillion 439
$17.4 Trillion 440
$86.2 Trillion 438
Transactions
6.8 Billion 443
3.5 Billion 444
33.56 Billion 442
Australian Payments Network 448
European Payments Council 449
Rule Making Body
Pay UK 447
NACHA 446
Table 2.14
Characteristics
Debit/Credit Functionality There are two types of bank transfers generally, credits and debits. In this context, debit is a pull from an account, whereas a credit is a deposit to an account. Bank transfer platforms do not provide loans in the same sense as credit cards. Therefore, it is important to understand a user is only utilizing accessible funds rather than borrowing money from the bank. BillPay/Recurring Payments Recurring payments and bill pay represent some of the most consistent and mature use cases for bank transfers globally. ACH, SEPA Direct Debit, Australia BECS Direct Debit, and India’s UPI are widely used for recurring payments, bill pay, government benefits, and payroll. 450 These systems provide reliability and scale for repetitive financial obligations, supporting everything from utility bills to salary disbursements.
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