To support the payments sector in delivering economic growth, the government has published the National Payments Vision, setting out its ambition for the sector to deliver world-leading payments. The Vision responds to the findings of the independent Future of Payments Review 2023 Future of Payments Review 2023 – GOV.UK, led by Joe Garner, and takes action to address key issues across the landscape.
The UK has long been a global leader in payments, with a strong banking, cards and digital wallets environment and a well-established regulatory framework. With the Vision, the government says it is taking action to strengthen the foundations of today’s ecosystem and steer future activity to drive innovation, facilitate competition and ensure security.
The strategy focuses on the foundations of the payments industry:
- The UK Regulatory Framework; and
- the UK Payments Infrastructure.
From this, it then highlights three pillars to guide activity:
- Innovation,
- Competition; and
- Security.
The infographic below gives a brief summary of the key points from the National Payments Vision, including actions to reduce the regulatory burden, in particular on smaller firms, as well as changes to the remit and priorities of Regulators.
