- 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.
UK government publishes findings from the Future of Payments Review
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