On 5 November 2020, Pay.uk published a summary paper on consumer protections in payments.
The summary paper provides an overview of the work Pay.uk has undertaken to explore the consumer protection landscape in the UK for various types of payment transactions. The research highlights:
– There are several viable payment mechanisms available as options to consumers (all of them offering varying levels of payment protection);
– Open Banking and PSD2 mean that there will be a lot more activity in the market, in terms of new payment methods and PISPs, which will accelerate the use of FPS for the purchase of goods and services; and
– Payment protections in the UK do not exist in isolation. They are viewed by consumers together with and/or as supplemental to legal, personal and retailer protections.