HM Treasury: Payments Landscape Review

The HMT payments landscape review has just been published and outlines the government’s vision is for a payments sector at the forefront of technology and innovation.

Underpinning this vision are the government’s high-level aims for payments:

  • UK payments networks that operate for the benefit of end users, including consumers.
  • a UK payments industry that promotes and develops new and existing payments networks.
  • UK payments networks that facilitate competition by permitting open access to participants or potential participants on reasonable commercial terms.
  • UK payment systems that are stable, reliable and efficient.

In order to deliver this vision, the government has identified priority areas and actions for government, regulators and industry.

These are:

  • equipping Faster Payments for the future, supported by a New Payments Architecture that is world leading, and ensuring the right level of protection for consumers to address what happens when a payment goes wrong.
  • unlocking Open Banking enabled payments safely and securely to allow consumers to pay for goods and services in shops and online directly from their accounts, rather than using a debit or credit card, creating competition and choice between payments networks and enabling exciting opportunities for fintechs to build the next generation of payments.
  • enhancing cross-border payments so people and businesses can make and receive cross-border payments seamlessly, quickly and cheaply.
  • future-proofing the legislative and regulatory framework for payments to ensure it is agile and proportionate; promotes and fosters innovation; provides the conditions for technology to continue to drive enhancements in payments; and ensures consumer protection and that payments networks are resilient.


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