On 15 July 2025, the Bank of England issued a statement entitled A new approach to retail payments infrastructure.
On the same, HM Treasury updated its webpage on the National Payments Vision by adding an update on the Payments Vision Delivery Committee (the Committee).
The National Payments Vision set out the government’s ambitions for a world-leading payments ecosystem. It established the Committee to enhance regulatory coordination and drive implementation of key activities – including setting out the approach for the development and delivery of the UK’s retail payments infrastructure needs.
In the autumn, the Committee will publish its strategy for retail payments infrastructure. This will establish key priorities for next-generation infrastructure, aligning with the National Payments Vision’s pillars of innovation, competition and security and reflecting input from stakeholders across the ecosystem. This will inform the work of the new Retail Payments Infrastructure Board, the Delivery Company and Pay.UK. The Committee will also publish the Payments Forward Plan by the end of the year, which will set out a sequenced plan of initiatives across the payments’ ecosystem including initiatives in both retail and wholesale payments, and the role of digital assets.