UK wants to lead world in digital payments

The Payment Systems Regulator (PSR) said it intended to make the UK “a world-leader in the development of payments systems”.

The regulator, which became fully functional in April 2015, aims to promote competition in the payments market, innovation, and a fair payment system that operates in the interests of users.

Hannah Nixon, Managing Director of the PSR, said that her organisation wants the UK to “lead the world in the development of payment systems”.

We want to encourage technological innovation. Not for innovation’s sake, but to drive improvements for users, helping payment companies find new and ever more convenient ways for people to pay. We want competition that gives more businesses a chance to enter the market, so payments aren’t a barrier to entry for new retail banks, and so that customers get more choice, she added.