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New ideas and products will help move the industry forward

Innovation in Payment Systems

The PSR wants a payment systems industry that is continuously innovating – whether that’s new services, improvements to existing systems or entirely new products.

We aim to promote innovation in payment systems in the interests of the people and organisations that use them. We want payment systems and the infrastructure they operate on to be responsive to new developments and innovations that benefit the individuals and businesses that use them.

These innovations may be new services, improvements to existing systems or entire new systems. Individuals and businesses should be able to have confidence that innovations come to fruition in a timely manner and deliver benefits.

Our innovation work will include monitoring and tracking innovation developments in the sector, working with stakeholders – including the FCA’s Project Innovate – to identify barriers to existing or potential innovations, and, where appropriate, take action to remove such barriers.

We will be undertaking other work throughout 2015/16 that will advance our innovation objective.

Payments Strategy Forum

We are establishing a new process for industry strategy setting through the Payments Strategy Forum.

This will provide an opportunity for industry and service-users jointly to develop their own strong vision for the future of payments, to drive innovation and enable new and improved services for users. The Forum will focus on where the industry needs to work together and is not intended to replace commercial innovation.

The Forum will consider existing developments in the sector so as to build on good work already carried out by the industry. For example, work on Current Account Switch Service (CASS) and Account Number Portability (ANP). Read the FCA's report.

We will monitor these developments to ensure they are aligned with our objectives and progressing in a timely manner.

Examples of innovation

Innovation in UK consumer electronic payments, a joint study by Ofcom and the PSR, includes examples of innovation in payments:

  • the development of digital wallets by mobile operators
  • handset manufacturers and online platform providers collaborating with card networks
  • Mobile players seeking to enter payments markets through contactless point-of-sale devices
  • the development of Paym and Zapp