Update on the National Payments Vision
Updated 8 March 2024
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The independent Future of Payments Review, chaired by Joe Garner, highlighted many positives for the UK payments ecosystem to build on, including our strong banking, cards and digital wallets environment and well-established regulatory framework. It also provided ten recommendations designed to improve the consumer experience, unlock Open Banking and enhance alignment between the different authorities that oversee this sector.
The Review鈥檚 key finding was that the UK鈥檚 payments landscape is congested and would benefit from a clear overall strategy. The government is committed to maintaining the UK鈥檚 reputation for a world-leading payments ecosystem, and so has accepted the recommendation to publish a National Payments Vision聽this year.
The objective of the National Payments Vision is to provide clarity on the government鈥檚 ambition for UK payments. It will seek to guide industry and regulatory activity through providing direction on the shared outcomes the government seeks to achieve to ensure a world-leading payments ecosystem. The Vision will serve as the government鈥檚 full response to the Future of Payments Review.
The National Payments Vision will build heavily on the extensive work and engagement undertaken by Joe Garner for the Future of Payments Review, including the public Call for Input. The government will undertake a comprehensive programme of engagement on key issues, and will work closely with key trade associations and membership bodies to gather views.
To ensure that the National Payments Vision builds on the views shared through the Future of Payments Review, the government has appointed Joe Garner as an Advisor on this work.
The government will publish the National Payments Vision as soon as possible later this year.