The Payments Association has unveiled its Payments Manifesto 2025, urging the UK government to adopt 66 policies recommended by industry professionals.
The manifesto outlines significant recommendations across various sectors of fintech, focusing on regulation, environmental, social, and governance (ESG) issues, financial crime, inclusion, and open banking.
Lord McNicol of West Kilbride, a member of the House of Lords, remarked: “There is a pressing need in the UK to address challenges such as economic crime while enhancing financial inclusion. We should also leverage new technologies like digital currencies. The Payments Association’s Manifesto highlights the critical issues we must tackle for a stronger UK.”
Riccardo Tordera, director of policy and government relations, expressed concern that the UK risks falling behind the US and the EU in the realm of digital currencies. He emphasized the hope that the government will consider the policy recommendations and seize the growth opportunities presented by this technology. “We certainly don’t want to see the UK lag in the payments space, where we have historically been a leader.”
Key highlights from the manifesto include:
– Developing robust digital verification frameworks and expanding regulations to encompass social media and AI-driven analyses
– Reducing Authorised Push Payment (APP) fraud through enhanced data sharing
– Promoting further financial inclusion by diversifying payment services and increasing cash accessibility
– Accelerating open banking adoption and lowering cross-border payment expenses
– Establishing regulatory frameworks for digital assets and stablecoins
– Encouraging sustainable payment products and practices
– Urging regulators like the FCA and PSR to foster innovation and competition in the sector
Tony Craddock, director general of The Payments Association, stated: “It’s time for the UK to modernize its payments infrastructure to maximize its economic potential while ensuring consumer protection. For this to happen, it is crucial to ensure the new infrastructure and legal framework is appropriate, adaptive to change, and supports the overarching goal of advancing economic growth and stability in an inclusive, liberal society.”