UK government publishes findings from the Future of Payments Review

The Future of Payments Review calls for a national payments vision and strategy in the UK.
Authored by Joe Garner, the report identifies a lack of vision and clarity in the country’s payments landscape.
Top recommendation: UK government should provide high-level guidance to align regulators and industry priorities.
Garner emphasizes the importance of addressing issues in open banking, including a dispute resolution process and commercial arrangements.
Report suggests agreeing on a commercial model for open banking and developing alternative payment journeys beyond card schemes.
In retail, the report urges HM Treasury to remove technical standards, fostering innovation in consumer purchasing experiences.
Highlighting global trends, the report notes other countries offering local alternatives to big tech players in payment rails.
Emphasis on the risk of digital exclusion and reduced access to cash; recommends regular assessments by HM Treasury and FCA.
Regarding fraud, the report recommends a formal review of new rules by regulators, including the Payment Systems Regulator, after one year.
The UK’s Payments Association welcomes the recommendations, aiming to enhance security, reduce fraud, and foster innovation in payments.