LONDON—The U.K. government said it will publish a National Payments Vision in 2024 as part of a broader effort to accelerate the development of the local payments ecosystem.
The independent Future of Payments Review highlighted multiple positives for the overall United Kingdom payments ecosystem to develop, such as the optimized banking, cards, and digital wallet environment, as well as the well-established regulatory framework, according to a report by the Paypers.
In addition, it also provided 10 recommendations that it said are designed in order to improve the overall customer experience and optimize alignment between the different local authorities that oversee this sector, alongside the process of unlocking and leveraging open banking.
“Throughout this review, the key finding showed that the U.K.’s payment landscape is congested and is expected to benefit from a clear overall strategy of development,” the Paypers stated. “In addition, the government is committed to the process of maintaining the United Kingdom’s reputation as a secure, efficient, and digitalized payment ecosystem.”
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