ao link
0 £0.00
This item was added to your basket
Credit Strategy homepage
LinkedIn
Twitter
Intelligence, Insight and community for responsible professionals in credit

PSR publishes five-year strategy for improved payments market

The Payments Systems Regulator (PSR) has published a proposed five-year strategy to ensure there is fair competition and full access to payments.

The strategy looks to “protect and embrace” what already works well while making changes to what does not. It will also lay the foundations for new products, ways to pay and payment systems as the needs of people and businesses develop.

 

In the document, the PSR has highlighted four strategic outcomes that it wants to bring about within the next five years. These feed into four priorities that provide a framework for this to be met. These are:

  • Priority 1: Ensure users have continued access to the payment services they rely upon and support effective choice of alternative payment options.
  • Priority 2: Ensure users are sufficiently protected when using the UK’s payment systems, now and in the future.
  • Priority 3: Promote competition in markets and protect users where that competition is not sufficient, including a) between payment systems within the UK and b) in the markets supported by them.
  • Priority 4: Ensure the renewal and future governance of the UK’s interbank payment systems supports innovation and competition in payments.

The PSR has also set out some actions that it will take as part of the proposed strategy, including promoting competition between payment systems, protect access to cash, the development of consumer protections around interbank payments, and assisting vulnerable consumer groups.

 

“Because payments are an essential part of daily life and a vital element in the UK economy, everybody should have a fair choice about how they make and receive them - and be protected when doing so. Our new strategy sets out how we are aiming to make this happen,” said Chris Hemsley, the PSR’s managing director.

 

“We will continue our focus on promoting effective competition between the companies that offer payment services to people and businesses – including banks and building societies. But we will increasingly focus on how to make sure that the different payment systems themselves compete with each other: the current card systems; the existing and new ‘interbank’ systems; and any new payment systems that launch in the future.”

 

He added: “With healthy competition at each level comes new and exciting innovations, more choice for consumers and merchants, and possible savings for all of us in the products and services we buy.

 

“Our goal is to make sure payment systems are fit and sustainable for the future so that we can all use them with ease and confidence.”

Please login to continue reading this article.

Not a member?

Become a member

FREE registration. No credit card required

Register now
  • Stay up-to-date with industry news and appointments
  • Hear about events first
  • Read 1 free Premium article per month

Become a premium member

From as little as £3.48 per week

Become Premium
  • All the perks of a standard member plus:
  • Access to the entire Credit Strategy website
  • 12 months subscription to Credit Strategy Magazine
  • 25% discount to all conferences
  • Exclusive access to Premium Member only roundtables
  • 50% off award entry fees

GET THE LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

Corporate insolvencies up 63% in June 2021

Corporate insolvencies up 63% in June 2021

Phillips & Cohen launches new data management platform

Phillips & Cohen launches new data management platform

Women in Credit 2021 shortlist confirmed

Women in Credit 2021 shortlist confirmed

Upcoming events

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group