Monday, March 4, 2024

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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.

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