The Payments Association in the UK is calling for a national payments plan. The Payments Manifesto 2025 seeks to create conditions to support growth and innovation in payments. The Payments Association says it has urged UK authorities to “undertake a swift and well-defined review which leads to the production of a National Payments Plan (NPP).
The UK government is pursuing the National Payments Vision and Strategy (NPV&S) as part of the “new era for payments.”
The Payments Manifesto outlines 66 policies recommended by payments professionals who are part of The Payments Association’s stakeholder working groups. These cover financial crime, regulation, open banking, ESG, cross-border payments, digital currencies, and financial inclusion.
Tony Craddock, Director General of The Payments Association, said a review to produce an NPP is critical to ensuring the new infrastructure supports the goal of enabling economic growth and stability.
The policies within the manifesto include:
Financial Crime
The first area of concern to The Payments Association’s members addresses economic crime, including fraud and money laundering, with policies to reduce authorised push payment fraud focussed around improving data sharing, as well as widening the scope of the regulatory boundaries to include social media firms and others that encourage the use of artificial intelligence to assimilate data to fight fraud. Furthermore, the manifesto includes policies to encourage the use of interoperable dispute management systems to tackle first party fraud and reduce errors and the adoption of robust digital verification frameworks to create a safer financial ecosystem.
Regulation
The government’s commitment to kick-start economic growth, deliver economic stability and forge partnerships with businesses to boost growth everywhere requires good regulation implemented in a dynamic and responsible manner. Regulations and regulators are central to an effective payments ecosystem, so The Payments Association advocates for a balance between innovation, competition and consumer protection. It urges regulatory bodies such as the FCA and the PSR to prioritise growth and competitiveness alongside their other primary objectives to ensure that the UK remains an attractive destination for investors.
Financial Inclusion
The policies aim to work alongside the government’s work to promote financial inclusion to ensure innovation serves diverse needs of businesses and consumers. While cash remains a popular means of payment for many, digital payments can help reduce the poverty premium and ensure financial inclusion for those still unable to access appropriate financial services. By supporting initiatives that enhance digital payments innovation and by tailoring payment services to diverse needs, The Payments Association is paving the way for a more inclusive economy where everyone can participate and benefit.
Open Banking, Cross Border Payments, Digital Currencies and Sustainability
The community also supports accelerating open banking adoption by promoting consumer protection and dispute resolution for account-to-account payments and developing equitable commercial models. By accelerating the evolution from open banking to open finance and then open data, The Payments Association believes its policies will stimulate innovation and competition, providing consumers with better (and cheaper) financial products and experiences.
The policies for cross-border payments is targeted at reducing transaction costs and harmonising regulations to facilitate seamless and secure international transfers. Meanwhile, Environmental, Social and Governance policies are aimed at making payment products more sustainable and the industry more diverse and inclusive. Finally, in the arena of Digital Currencies, the policies are aimed at positioning the UK as a leader in digital finance, advocating for a robust regulatory framework for stablecoins and the adoption of digital money.
Riccardo Tordera, Director of Policy and Government Relations, The Payments Association, said the policies in the Manifesto “will not only help to create the conditions for innovation and growth but they will also enhance systemic resilience, streamline international transactions, reduce costs and enhance global trade. This will contribute directly to the government’s objectives of increasing GDP and fostering international business relations.”
The Payments Manifesto is available here.
