In light of recent developments in technology, HMT announced in June 2019 that it was leading a Payments Landscape Review. The first stage of this review, released today, is a Call for Evidence paper which sets out the Government’s aims for payment networks in the UK, as well as providing a high-level assessment of the present system and the opportunities, gaps and risks that need to be addressed in the payments landscape.
The Call for Evidence will be open for 12 weeks, closing on 20 October 2020, and the Government is looking for input on the various issues discussed in the paper released today. Responses can be submitted via the HMT web-page by the end of 20 October 2020.
The Call for Evidence primarily asks for input on what more could be done by Government, Regulators and industry to fulfil the following key aims:
- To have UK payment networks that operate for the benefit of end users, including consumers.
- To have a UK payments industry that promotes and develops new and existing payment networks.
- To have UK payments networks that facilitate competition by permitting open access to participants or potential participants on reasonable commercial terms.
- To have UK payments systems that are stable, reliable and efficient.
The Call for Evidence also highlights the following key areas where the Government feels there could be opportunities to further develop the UK payments infrastructure, but that may also pose some risks:
- New payments architecture.
- Faster Payments.
- Open banking.
- New payment services and payment chains.
- Cross-border payments.
- Cryptoassets and stablecoins.
- Central bank digital currency.