The independent Future of Payments Review highlighted multiple positives for the overall United Kingdom payments ecosystem to develop, such as the optimised banking, cards, and digital wallet environment, as well as the well-established regulatory framework.
In addition, it also provided ten recommendations which were designed in order to improve the overall customer experience and optimise alignment between the different local authorities that oversee this sector, alongside the process of unlocking and leveraging Open Banking.
Throughout this review, the key finding showed that the UK’s payment landscape is congested and is expected to benefit from a clear overall strategy of development. In addition, the government is committed to the process of maintaining the United Kingdom’s reputation as a secure, efficient, and digitalised payment ecosystem. With this in mind, the institution has accepted the recommendation to publish a National Payments Vision in 2024.
The objective of launching the National Payments Vision is to provide clarity on the overall government’s strategy to accelerate the development of UK payments. At the same time, the institution will seek to guide the industry and regulatory activity of the local market through the procedure of providing direction on the shared outcomes. This will take place as the UK government focuses on ensuring an optimised, safe, and digitalised payments landscape.
According to the official press release, the National Payments Vision is expected to serve as the government’s full response to the Future of Payments Review. Throughout this process, the launch of the National Payments Vision is set to build heavily on the extensive work and engagement that was undertaken for the Future of Payments Review, including the public Call for Input feature. The UK government will also undertake a comprehensive and secure programme of engagement of key issues, while also working closely with key trade associations, membership bodies, and partners in order to gather views.
The UK government has appointed the same official from the Future of Payments Review as an advisor on this work, aiming to ensure that the National Payments Vision will be developed on the views shared through it. At the same time, the institution will focus on the development of the payment industry and meet the needs, preferences, and demands of customers in an ever-evolving market.
The National Payments Vision is expected to be launched later in 2024, as the government will prioritise the process of remaining compliant with the laws and regulatory requirements of the local industry.
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