On 29 July 2020, the Payment Systems Regulator (PSR) announced that it was developing its first ever future strategy. The purpose of the strategy is to define clear outcomes that the PSR wants to see in the payments sector. This will ultimately require it to make certain choices on how to prioritise its work so that it can continue to make payment systems accessible, reliable, and secure and value for money in the most efficient way possible.
The PSR plans to consult on a full draft strategy before the end of the year.
The PSR has decided to break down its engagement into three key themes:
- Innovation and future payment methods. The PSR’s target outcome is that the payments industry needs to be agile and innovative so that consumers can access the payment methods that work for them; not least during this time of big economic change.
- The PSR’s target outcome is that effective competition at all levels of the supply chain can protect people and businesses, with detailed economic regulation acting where competition is not enough.
- Choice and availability of payment methods. The PSRs target outcome is that people and businesses should be able to make the payments they need and want to make.
In terms of next steps:
- Week commencing 14 September 2020 – launch of the competition theme.
- Week commencing 28 September 2020 – launch of the ‘Choice and availability of payment methods’ theme.
- Week commencing 7 Sept – 16 October 2020 – panel events, regional ‘virtual’ roadshows and ongoing engagement, with social media across all themes.
- End 2020 / beginning 2021 – consultation on the PSR’s draft strategy.