The Payment Systems Regulator (PSR) has announced plans for a new five-year strategy. The proposals set out an approach that aims to make sure payments and payment systems work well for everyone and that there is fair competition and access to payments for all. The PSR is focussing on four strategic priorities that will provide a framework for meeting the identified outcomes the PSR wants to help bring about over the next few years. These are:
- Priority 1: Ensure users have continued access to the payment services they rely upon and support effective choice of alternative payment options;
- Priority 2: Ensure users are sufficiently protected when using the UK’s payment systems, now and in the future;
- Priority 3: Promote competition in markets and protect users where that competition is not sufficient, including a) between payment systems within the UK and b) in the markets supported by them; and
- Priority 4: Ensure the renewal and future governance of the UK’s interbank payment systems supports innovation and competition in payments.
The consultation closes on 10 September 2021.