In light of rapid technology developments, HM Treasury is leading a Payments Landscape Review.

HMT’s Call for Evidence is the first stage in the review. It sets out the government’s aims for payments networks in the UK, makes a high-level assessment of how well the present system is delivering against the government’s aims and asks questions about the opportunities, gaps and risks that need to be addressed in order to ensure that the UK maintains its status as a country at the cutting edge of payments technology.

Payments in the UK have seen rapid change over recent years with people increasingly using card, mobile and electronic wallets to make payments. Payments have also become a focus for fintech developments with developments such as paying using mobile apps that provide greater convenience and security for consumers, as well as back-office innovation to make it easier for businesses to make and manage payments.

HMT state that these changes offer exciting opportunities for UK businesses and consumers, with many making payments faster and cheaper. However, and as will always be the case with a rapidly changing technological landscape, they also present new challenges and risks.

Given the pace of change, a HM Treasury led review of the payments landscape was announced in June 2019. The Call for Evidence is the first stage in the review. The call for evidence sets out the government’s aims for payments networks in the UK, makes a high-level assessment of how well the present system is delivering against the government’s aims and asks questions about the opportunities, gaps and risks that need to be addressed in the future in order to ensure that the UK maintains its status as a country at the cutting edge of payments technology.

Payments in the UK have seen rapid change over recent years with people increasingly using card, mobile and electronic wallets to make payments. Payments have also become a focus for fintech developments with developments such as paying using mobile apps that provide greater convenience and security for consumers, as well as back-office innovation to make it easier for businesses to make and manage payments.

These changes offer exciting opportunities for UK businesses and consumers, with many making payments faster and cheaper. However, and as will always be the case with a rapidly changing technological landscape, they also present new challenges and risks.

Given the pace of change, a HM Treasury led review of the payments landscape was announced in June 2019. This Call for Evidence is the first stage in the review. This document sets out the government’s aims for payments networks in the UK, makes a high-level assessment of how well the present system is delivering against the government’s aims and asks questions about the opportunities, gaps and risks that need to be addressed in the future in order to ensure that the UK maintains its status as a country at the cutting edge of payments technology.

While the review focusses on the future of payments, it also reflects on the actions that have been taken by the government and regulators. The Call for Evidence asks questions to broadly cover whether government’s aims have been achieved and what more needs to be done to both address persistent issues and in light of new opportunities and risks in the payments landscape.

HMT Payments Landscape Review, Call for evidence, Executive summary

The Call for Evidence will remain open for 12 weeks, and closes on the 20 October 2020.

Links:

HM Treasury announcement

Call for evidence

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