The UK’s Payment Systems Regulator (PSR) has released a strategy update halfway through its five-year plan, outlining its core commitments.
Initially unveiled in 2022, the regulator’s original plan aimed to protect users and foster competition within the payment sector. As it reflects on its progress three years later, the PSR highlights its initiatives to implement protections against APP fraud, advance Open Banking, and reassess card fees.
This review was informed by discussions with stakeholders and considers the Government’s growth mission alongside the National Payments Vision’s impact.
For the remaining duration of the strategy, the PSR has identified three key commitments:
1. Continue existing efforts to protect users while promoting competition and innovation.
2. Collaborate with the Bank of England to enhance the Faster Payments system, reform Pay.UK, and assess the long-term needs of retail infrastructure.
3. Intensify its focus on competition and innovation within payment systems to support economic growth and facilitate the future ecosystem.
David Geale, Managing Director of PSR, commented, “We’ve made great progress – especially in protecting consumers through our world-leading approach to APP fraud. But we know there’s more to do. By taking ambitious yet realistic action, we can ensure payment systems remain competitive and innovative, delivering real benefits for users and supporting economic growth.”