On 16 January 2025, the Payment Systems Regulator (PSR) published an updated strategy setting out its commitments for the next two years.

The updated strategy sets out the following 3 core commitments that the PSR will focus on for the remainder of the strategy term:

• Completing the work it already has underway that seeks to protect users and promote competition and innovation.
• Driving forward (with the Bank of England) work to upgrade the Faster Payments system and reform of Pay.UK, as well as assessing long term retail infrastructure needs.
• Sharpening its focus on competition and innovation in payments systems, supporting economic growth and enabling the ecosystem of the future.

The PSR notes that the review of its strategy reflects extensive engagement with stakeholders, trends in payments (both in the UK and abroad), the Government’s growth mission, and the impact of the National Payments Vision. It plans to continue to work closely with the industry, consumers, businesses and other regulators as it delivers these commitments.