PSR launches new strategy setting out key priorities over next five years

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The Payment Systems Regulator (PSR) has today published its caller strategy, mounting retired its priorities and what it aims to execute implicit the adjacent 5 years. The strategy recognises areas wherever payments markets and systems are moving efficaciously but besides highlights wherever much enactment is needed. It brings unneurotic the regulator’s ideas for however outgo systems and services should accommodate for the aboriginal and focuses connected the PSR’s halfway relation – to support the interests of radical and businesses and to beforehand effectual contention and innovation successful payments.

Chris Hemsley, the PSR’s Managing Director, said:

“Payments are an essential part of regular life and it’s the PSR’s occupation to ensure that the systems underpinning them enactment good for everybody. Our caller strategy sets retired the priorities that volition usher our enactment implicit the adjacent 5 years.

“We volition absorption much connected improving contention betwixt outgo systems, not conscionable contention wrong outgo systems. This is important due to the fact that we cognize that the aboriginal of retail payments is becoming progressively astir integer payments, astir of which are presently made utilizing paper outgo systems.

“That’s wherefore a cardinal precedence is to unlock the imaginable of relationship to relationship payments to supply credible alternatives to paper payments – which are utilized for billions of pounds worthy of retail payments. Our enactment to boost contention volition thrust innovation and amended work quality, portion helping guarantee radical and businesses payment and enactment protected.”

The PSR’s strategical priorities

The PSR’s last strategy identifies 4 strategical priorities for the adjacent 5 years. These are:

  • Ensure users person continued entree to the outgo services they trust on, and enactment a prime of outgo options.
  • Ensure users are sufficiently protected erstwhile utilizing the UK’s outgo systems.
  • Promote contention betwixt UK outgo systems and the markets supported by them; protecting users wherever that contention is not sufficient.
  • Act to guarantee the interbank systems supply the infrastructure, rules and incentives that foster innovation and contention successful payments.

The strategy besides describes the outcomes the PSR wants to spot successful the payments sector, arsenic good arsenic however it volition measurement advancement towards achieving them.

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