On 13 January 2022, the Payments System Regulator (PSR) launched a new strategy setting out their key priorities and what they aim to achieve over the next five years.
The four strategic priorities are:
- Ensure users have continued access to the payment services they rely on, and support a choice of payment options.
- Ensure users are sufficiently protected when using the UK’s payment systems.
- Promote competition between UK payment systems and the markets supported by them; protecting users where that competition is not sufficient.
- Act to ensure the interbank systems provide the infrastructure, rules and incentives that foster innovation and competition in payments.
The final strategy has not changed significantly from last year, but the responses to the consultation have helped identify some areas to amend or clarify. For example, they have emphasised the importance of near-term outcomes as well as longer-term ones. They have also recently announced new work to examine card scheme fees and cross-border interchange fees.
Here is a summary version of the strategy for reference.