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National Payments Vision: The Government sets out its ambitions for the UK payments sector

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Olivia Murphy
Managing Associate

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Olivia Murphy
Managing Associate

A year in the making, the UK Government has released its National Payments Vision. The NPV is intended to address the findings of the 2023 Future of Payments Review and in particular to provide the strategic direction that the review called for.

Key developments in the NPV include:

  • creating a Payments Vision Delivery Committee to reimagine upgrades to retail infrastructure,
  • making the FCA responsible for Open Banking and reducing overlaps with the PSR, and
  • encouraging the FCA to replace authentication rules with a more outcomes-based regime.

Read our reflections on the Government's vision here.

The Government’s overall vision for the UK payments sector is “a trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs”.
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Tags

national payments vision, uk, payments, fintech

Get in touch

Avatar
Olivia Murphy
Managing Associate

Get in touch

Avatar
Olivia Murphy
Managing Associate

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