UK Finance reports on “future ready payments”

UK Finance and PWC have produced a report on the opportunities and challenges for the UK payments industry over the next 10 years. The report looks at how the sector should meet its aims of delivering customer benefits, delivering further innovation and supporting competition.

Among the key aims are that by 2030:

• customers should have a wider choice of payment options;
• customers should benefit from better reconciliation and budgeting opportunities;
• digital payments should be available to everyone;
• verifying ID should be easier, with less reliance on multiple passwords or authentication;
• consumers should be more confident in using a wide range of payment types;
• the infrastructure will better detect economic crime and fraud; and
• customers will have better visibility and awareness of the impact of their payment choices on the environment.