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United Kingdom-based Faster Payments Service processed 26.5 million payments worth £12 billion in the third quarter ended 30 Sept., according to figures released by payments association APACS. Faster Payments began operations on 27 May to provide quick phone and online funds transfers. In its first two months of operation, the service processed more than 4 million payments. The service processes more than 273,000 payments per day, APACS says. The figures also revealed debit cards accounted for 73.8% of the 1.9 billion plastic card purchases made in the UK during the quarter, up from 72% of the 1.7 billion plastic card purchases made in the same period in 2007. Spending on those debit cards totaled £61.7 million, up 9.6% from £56.3 million for the same period in 2007. The average purchase value was £44.35.
