The new service is now dealing with over one million transfers a day.
Faster Payments, the new "instant" service from APACS, is now processing over one million transfers a day.
The payments association has revealed that the milestone was passed on September 1st. It is a particular coup for Faster Payments, as not all banks and building societies currently offer the service, despite it having been ready for use since July.
Currently, 63.5 percent of all internet and phone payments currently being transferred in the UK are done through Faster Payments, APACS said. The average value of these transactions was £780.
The statistics also show that the service has steadily put on users in each of the past four weeks - and processed an average of around 560,000 payments per day in the week ending September 5th. A month earlier, this figure stood at just 254,500.
Commenting on the news David McFarlane, CHAPS company manager said: "The first three months of Faster Payments have gone extremely well. We are now expecting banks and building societies to start to press on with the rollout so that more customers can start to enjoy the benefits of this new system and for more of their payments."
APACS said that it expects usage of Faster Payments to continue to "rise slowly" over the months to come.
