Halfway through its five-year strategic plan, the UK's Payment Systems Regulator (PSR) has published its strategy update setting out its core commitments.
Unveiled in 2022, the regulator's original plan focused on protecting users and promoting competition in the sector. Reflecting on its efforts three years on, the PSR is trumpeting its moves to roll out protections against APP fraud, advancing Open Banking, and reviewing card fees.
The review comes after talking to stakeholders and taking into account the Government’s growth mission and the impact of the National Payments Vision.
It sets out three core commitments that it will focus on for the remainder of the strategy term:
- Complete work already underway on protecting users and promoting competition and innovation.
- Drive forward, with the Bank of England, work to upgrade the Faster Payments system, and reform of Pay.UK, as well as assess long term retail infrastructure needs.
- Sharpen its focus on competition and innovation in payments systems, supporting economic growth and enabling the ecosystem of the future.
David Geale, MD, PSR, says: "We’ve made great progress - especially in protecting consumers through our world-leading approach to APP fraud. But we know there’s more to do. By taking ambitious but realistic action, we can ensure payment systems remain competitive and innovative, delivering real benefits for users and supporting economic growth."