Treasury has issued a call for input as part of its Future of Payments Review 2023, which will report on the steps required to deliver world leading retail payments in the UK and boost UK fintech competitiveness.
The review is taking a primarily ‘consumer needs’ lens, consumers in this context meaning both individuals and business making and receiving retail payments. It asks for views on the following questions:
- What are the most important consumer retail payment journeys both today and in the next 5 years? For example, paying a friend, paying a bill, paying businesses for goods and services, in the UK or internationally etc;
- For these journeys today, how does the UK consumer experience for individuals and businesses compare versus other leading countries? For example, the quality of experience, security or cost; and
- Looking at the in-flight plans and initiatives across the payments landscape, how likely are they to deliver world leading payment journeys for UK consumers? For example, Treasury welcomes suggestions that would support, or are essential to delivering, world leading payments for UK consumers.
The call for input closes on 1 September 2023.