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TransFi now supports GBP transfers using Faster Payments Service in the United Kingdom

5 Mins

September 12, 2023

TransFi is excited to support users and Web3 enthusiasts to Buy Crypto using FPS (Faster Payment Service) in the United Kingdom!

The Faster Payments Service (FPS) is a real-time payment system in the UK that allows you to send and receive money instantly. Payments made using Faster Payments typically arrive in the recipient’s account within seconds, 24 hours a day, 7 days a week under normal circumstances. This is made possible by the range of high street banks, building societies, challenger banks, other fintech services and payment providers that connect safely and securely either directly or indirectly, to the Faster Payment System central infrastructure. In 2022, Faster Payments Services processed about 3.4 billion transactions with a value of a whopping £2.6 trillion!

Using FPS, you can make payments using a variety of methods, including online banking, mobile banking, and telephone banking. The maximum amount that you can send or receive in a single Faster Payment is £1 million, however TransFi daily limits apply when you purchase cryptocurrency using FPS, subject to regulatory guidelines & compliance.

Some of the benefits of GBP transfers using Faster Payments:

  • Speed: Payments made using Faster Payments typically arrive in the recipient’s account within seconds.
  • Convenience: You can make Faster Payments using a variety of methods, including online banking, mobile banking, and telephone banking.
  • Security: Faster Payments is a secure payment system that uses encryption to protect your financial information.

Overall, the Faster Payments Service is a convenient and secure way to send and receive money in the UK. If you need to make a quick payment, Faster Payments is a great option. Now you can also purchase crypto with faster payments and get onboard Web3, courtesy of TransFi.

Here are some additional things to keep in mind about Faster Payments:

Transfer time, while expected to be short, is subject to confirmation by the bank and the receiving institution who is responsible to credit the payee’s account. Not all banks and building societies offer the same features for Faster Payments. For example, some banks may only allow you to make Faster Payments during certain hours of the day, while others may charge a fee for each Faster Payment.

If you are making a large payment, you may need to contact your bank to verify the transaction.

Using Faster Payments Service, TransFi has now enabled users to buy crypto via local payment methods in the UK with ease and convenience.

About TransFi:

TransFi is a crypto on-ramp and off-ramp solutions provider focused on emerging markets with the widest coverage of native payment methods, very high conversion rate, supports local currencies, local ID and local languages, offering easy user experience with low entry barrier and at the lowest processing fees. The company is currently LIVE in over 100+ countries for credit & debit cards and another 100+ payment methods in local currencies. We are actively integrating all major payment methods in the Eurozone region. We aim to enable Web3 access for the next billion users around the globe with deep focus on emerging markets like Asia, Latin America, and Africa. TransFi is registered in Lithuania as TransFi UAB.

Pradhan Prasad

AVP Product & Marketing


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