On 11 July 2023, HM Treasury published a call for input to inform the Future of Payments Review 2023. The Review was launched in July 2023 to consider how payments are likely to be made in the future and make recommendations on the steps needed to successfully deliver world leading retail payments, further boosting UK fintech competitiveness.
The Review is looking at these issues primarily through a ‘consumer needs’ lens (with consumers in this context meaning both individuals and businesses making and receiving retail payments) and will make recommendations for government, financial services regulators and industry.
In order to help inform the Review, stakeholders are invited to provide 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.
- 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.
- Looking at the in-flight plans and initiatives across the payments landscape, how likely are they to deliver world leading payment journeys for UK customers? For example, HM Treasury welcomes suggestions that stakeholders feel would support, or are essential to delivering, world leading payments for UK customers.
The deadline for responses to the call for input is 1 September 2023.
