Payments Industry
Payments are an essential part of everyday life, which underpin all forms of economic activity, and affect everyone - employers, employees and consumers.
We all make a variety of payments every day with the expectation that these payments are secure and reliable. Most consumers are unaware of what happens behind the scenes, but, by their very nature, payment systems require a high degree of co-operation by numerous different stakeholders for a payment system to function.
The UK payments environment can be broadly categorised into five payment types:
| Cash | Banknotes and coins |
|---|---|
| Bulk electronic payments |
Direct Debits Bacs Direct Credits Standing orders |
| High-value payments | CHAPS |
| Card-based instruments |
Debit cards Credit cards Charge cards |
| Paper-based instruments | Cheques and paper credits |
Further information on these payment types can be found under Payment Options.
Find out more about the work of the Scheme Clearing Companies.
Compared with other countries, the UK payments market is categorised by high proportions of electronic and card payments. Whilst the vast majority of payments are made between UK counterparties, payments to and from Europe and the rest of the world are steadily increasing. The UK payments industry works with equivalent bodies in Europe and globally to improve the prominence of cross-border payment services.
