Payments in the UK have seen rapid change over recent years. These changes offer exciting opportunities for UK businesses and consumers, with many making payments faster and cheaper. However, and as will always be the case with a rapidly changing technological landscape, they also present new challenges and risks.
Given the pace of change, the Government is leading a review of the payments landscape to ensure the right policy approach to these challenges and opportunities. The Government published a Payments Landscape Review Call for Evidence in 2020, setting out and seeking views on its aims and actions for UK payments. The Government’s primary aims include ensuring that UK payments networks operate to the benefit of end users, including consumers. The Government will publish a response to its Call for Evidence shortly, setting out next steps and the long-term vision for UK payments.