A new strategy for a changing world
Last updated: 11/09/20
The PSR is the first dedicated economic regulator of payment systems in the world. The PSR’s work programme and approach to date have been guided by a clear mandate that the government gave us when it set us up.
We have made significant progress on this mandate, and it is now time to look to the future. As the sector, technology, the external environment and consumer demands continue to evolve, many new issues are arising which could impact payment systems and their users for decades to come. The Covid-19 pandemic has also had a significant impact on the speed and type of change.
That is why we are developing our first ever future strategy. The purpose of the strategy is to define clear outcomes that we want to see in the payments sector. This will ultimately require us to make certain choices on how to prioritise our work so we can continue to make payment systems accessible, reliable, secure and value for money in the most efficient way possible.
Building a PSR Strategy
We want to hear your thoughts on what is most important for the future of payments. It’s very important that we build our strategy having listened to a broad range of views.
We plan to consult on a full draft strategy before the end of the year. We recognise the pressures facing firms right now and we know that consulting with our stakeholders in-person won’t be possible for the foreseeable future. Changing circumstances call for creative thinking, so we’re embracing new ways of making sure your voices continue to be heard. This is designed to give you an easy way to shape our thinking on the strategy before we consult more formally.
Based on initial conversations within the PSR, the PSR Panel and with some stakeholders, we’ve decided to break down our engagement into three key themes that are coming through as particularly relevant to current issues in payments, and those that will drive future change. For each theme, we have identified a high-level target outcome:
How can the PSR promote a choice of payment methods that suits the needs and preferences of people and businesses?
Target outcome: The payments industry needs to be agile and innovative so that consumers can access the payment methods that work for them; not least during this time of big economic change.
What role does the PSR play to ensure that competition is effective at all levels of the payments chain?
Target outcome: Effective competition at all levels of the supply chain can protect people and businesses, with detailed economic regulation acting where competition is not enough.
How do we ensure that enough options are available to allow all people and businesses to make the payments they need and want to make?
Target outcome: All people and businesses should be able to make the payments they need and want to make.
The PSR is not the only authority with an interest or remit in these areas. We work closely with our colleagues in the FCA, Bank of England and HM Treasury for example, and will continue to do so throughout the development of our Strategy. We particularly note the Treasury’s Payments Landscape Review, which is looking at the overall payments landscape in the UK, and will help to inform the PSR’s strategy.
Over the next three months we will publish a specific set of questions on each theme, along with a series of related content pieces to stimulate thinking and debate. Feedback can be shared informally, through our website, by emailing us at firstname.lastname@example.org, through more formal mediums such as letters, or simply by reaching out to us on through our contact centre on 03004563677, and one of the team will get back to you.
For more information on what we’ve achieved in the last five years, and how we are planning to engage with you on building our strategy, click here.
|29 July 2020||Launch of the engagement phase and the ‘Innovation & future payments’ theme|
|w/c 28 September 2020||Launch of the 'Competition’ theme|
|w/c 28 September 2020||Launch of the 'Choice and availability of payment methods’ theme|
|w/c 7 Sept - 30 October 2020||Panel events, regional ‘virtual’ roadshows and ongoing engagement, with social media across all themes|
|End 2020 / Beg 2021||Consultation on the PSR’s draft strategy|
Call to action
If you don’t currently receive emails from PSR, please email email@example.com and we will add you to our stakeholder list.