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Discussion Paper: Data in the Payments Industry

Published 13 06 2018

Payments-related data is becoming increasingly important, and its use is growing fast. We're examining how this can affect the payments industry and consumers.

Why are we publishing this document?

We want to understand what role we might play to make sure new uses of data work well for the people and businesses that use payment systems. To make sure we take the right approach, we want our stakeholders to give us their perspective on how data is used in the payments sector, and how it could deliver the most benefits for consumers and businesses.

What will we be looking at?

We've identified three key areas that are relevant to our objectives of promoting competition, innovation and the interests of everyone that uses payment systems:

  • Some people may have concerns about sharing the data attached to their payments with third-party companies providing other payments-related services (‘overlay services’). This could slow the development of innovative products and services, meaning people using payment systems may be less likely to see the benefits.
  • Potential providers of new services may have limited access to data about transactions across a whole payment system ('global' datasets), including those that may help develop new ways to fight fraud and other financial crimes within the system.
  • There are potential barriers that could stop consumers and businesses getting the benefits from additional ‘enhanced’ data attached to transactions. This data could make processing payments cheaper and more efficient, leading to cheaper services

Next steps

We welcome stakeholders’ views and evidence by 5pm on 3 September 2018.

You can email us at PSRPaymentsDataProject@psr.org.uk or write to us at the following address:

Payment Systems Regulator

Data project team

25 The North Colonnade

Canary Wharf, London, E14 9HS