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.
- 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.