The Payment Services Regulator (PSR) has published a Discussion Paper (DP18/1) on the use of data in the payments industry.
The aim of the discussion paper is to better understand the actions the PSR may need to take in the future around the use of data in payment services.
The PSR acknowledges that the UK’s payment sector is growing fast and that data is becoming increasingly important. The way in which payments data is collected, used and shared presents both opportunities and risks for payment service providers and the people and organisations that use payment systems.
The PSR is considering three key areas –
- some people may have concerns about sharing the data attached to their payments with third-party companies providing other payments-related services;
- potential providers of new services may have limited access to data about transactions across a whole payment system; and
- there are potential barriers that could stop consumers and businesses getting the benefits from additional ‘enhanced’ data attached to transactions.
The deadline for comments is 5 September 2018.