PRS publishes analysis of UK payments ecosystem
The Payment Systems Regulator (PSR) has published an analysis by its head of the Supervision and Compliance Monitoring division, Oliver Hanmer, examining the need for a regulatory framework that supports growth, innovation, and competition within the UK payments ecosystem. Hanmer outlines the increasing adoption of digital payments alongside the decline of traditional payment methods and refers to the government’s National Payments Vision, which outlines strategic objectives to promote innovation, competition, and security. The analysis emphasises that clear, proportionate, and adaptable regulation is essential to ensure consumer protection and system resilience while effectively supervising key payment system operators, including Pay.UK, LINK, Visa, Mastercard, and emerging entities such as Fnality. Furthermore, it notes that the planned consolidation of the PSR into the Financial Conduct Authority is a pragmatic step in simplifying the regulation of payments, reflecting that the sector has changed significantly.