The PSR have today, 24 March 2021, published their aims, activities and expected costs for the year 2021/22.

Hear Chris Hemsley, Managing Director at the Payment System Regulator introducing the regulators plan for the next 12 months:

The PSR position the plan with the following statement:

We regulate 40 billion payments worth more than £92 trillion each year. Our role is to provide the focus and expertise necessary to make sure that the systems – and markets they support – work for people, businesses and the economy.

In 2021/22, we will focus on work that will improve outcomes by encouraging competition and innovation where it is needed most and putting the interests of everyone who uses payment systems first. By doing this, we want to see people and businesses benefit from more choice and exciting new ways to pay.

The pandemic has changed the way many people live their lives and how businesses operate. Increased reliance on the internet and digital communication is shaping the way we socialise and the way we pay for things.

Against this backdrop, we will focus on issues that affect people and businesses now while pushing ahead with important work required to improve outcomes in the future. In 2021/22, we will continue to build on work in areas like scam prevention and access to cash to make sure that no one is left behind and people can access the payment methods they want and need.

Payment System Regulator, March 2021

Source: PSR

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  • Later this week we’ll be publishing a viewpoint summary of the PSR’s annual plan – to receive this summary subscribe to our newsletter ‘Payments:Unpacked‘ at: northeypoint.substack.com/subscribe (select ‘none’ for the free newsletter).