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Pay.UK · Launched 2008
UK near-instant account-to-account transfers. When used for merchant collection via open banking, pricing is a small flat fee rather than a percentage.
Representative of this rail in this market. Directionally useful, but not a quotable rate, confirm with the provider. Source: Typical open banking payment initiation fee.Official site ↗
Online · percentage component
Rates are step functions: each level holds until it is replaced.
Online pricing across every country where this method is available, with the cost on a £100.00 payment for comparison.
| Market | Listed fee | Cost on 100 | Effective | Since | Basis |
|---|---|---|---|---|---|
| United Kingdom | £0.20 | £0.20 | 0.20% | 2 Mar 2022 | Estimate |
Every recorded change, newest first, with the movement from the rate it replaced.
Scheme operator revised participant pricing.
In United Kingdom, on the online channel: £0.20, in force since 2 Mar 2022 (estimate). Fees differ by market and channel, and the table above lists each one.
It is priced in 1 market here: United Kingdom. A market missing from the list has not been recorded yet, which does not mean Faster Payments (UK) is unavailable there.
It is recorded as instant. Actual timing can depend on cut-off times and on the receiving account.
Not through a chargeback: it has no chargeback process, so a payment is hard to reverse once sent. Check who you are paying before you confirm.
Yes. It is a payment method businesses accept, and the fees shown are what a merchant pays to be paid through it.
