Annual instant payment spending in the UK 2008-2022, in local currency and USD
Instant payments using Faster Payments or FP in the United Kingdom were 25 percent higher in 2022 than in the previous year. The value of 3.24 trillion British pounds recorded that month was worth approximately 3.99 trillion U.S. dollars, putting the country slightly above the instant payment spending of Brazil, using Pix. The Faster Payment Scheme (FPS) is a payment service that enables the quick and secure transaction of mobile, internet, telephone and standing order payments, and is exclusive to the United Kingdom. It is not part of the Europe's scheme for instant payments called SCT Inst - an abbreviation of SEPA Instant Credit Transfer.
