On 10 June 2021, the UK Payment Systems Regulator (the PSR) published a consultation paper setting out its proposed five year strategy.
The PSR proposes to focus on four key strategic outcomes:
– All users should have access to payment services that meet their needs in terms of functions, quality, cost and other relevant factors.
– Users’ interest must be adequately protected when using payment systems so that they can use systems and services with confidence.
– Payment systems should be designed and operated to enable effective competition in the provision of payment services.
– Payment systems should be efficient and commercial sustainable.
The consultation period ends on 10 September 2021. The PSR aims to publish its finalised strategy before the end of 2021.