The UK’s Payment Systems Regulator has released its five-year plan to support the payment services.
Its strategy aims to recognise areas where payments markets and systems are working effectively and where more work is needed. It also offers an idea of how payment systems and services should adapt for the future.
There are four key strategic priorities set out in the plan. The first is to ensure users have continued access to the payment services they rely on and support a choice of payment options.
Secondly, it will ensure users are sufficiently protected when using the UK’s payment systems. Its next priority is to promote competition between UK payment systems and the markets supported by them, as well as protecting the users where competition is weak.
Finally, it will act to ensure the interbank systems provide the infrastructure, rules and incentives that foster innovation and competition in payments.
The report was shaped by some feedback.
The Payment Systems Regulator recently announced it is working to examine card scheme fees and cross-border interchange fees, including considering whether shorter-term measures would be appropriate until we develop and implement any longer-term measures to introduce more competition.
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