On 14th November 2024 the UK government published its long-awaited National Payments Vision (NPV). A year after Joe Garner’s Future of Payments review, which called for more leadership and direction from government, and following much dialogue with industry players of all types, the government has published a clear vision that recognises the importance of payments to the UK economy and the need to change the status quo.
The government’s vision is for the UK to have:
“A trusted, world-leading payments ecosystem delivered on next generation technology, where consumers and businesses have a choice of payment methods to meet their needs”
To achieve this, the ecosystem must be underpinned by strong foundations:
- A clear regulatory framework
- Resilient infrastructure
Building from this, three pillars should guide activity across the ecosystem:
- Innovation
- Competition
- Security