The PSR welcomes the announcement of the Future of Payments Review, which recognises the importance of payments to the UK economy.
The UK is leading the way on many aspects of payments, but with them so central to all of our daily lives, and with examples from across the world that show how it can be done in different ways, now is a good time to understand the wider context.
At the PSR we're already improving many aspects of payments to make sure the UK is fit for the future, leading the way on open banking, renewing the infrastructure of UK payments, as well making sure there are improvements for those using payments now – our work on APP fraud a prime example. We look forward to supporting the review as it develops.
The Future of Payments Review, chaired by Joe Garner, will report on how payments are likely to be made in the future and the steps needed to successfully deliver world leading retail payments. This review is being led by HM Treasury and closes on 1 September 2023.