News & insights
Date: January 2025 | Sector: Communications, media & payment systems | Expertise: Public policy & strategy
The National Payments Vision: What are its chances of success?
Digital wallets, contactless technologies, and regulatory changes – including Open Banking, clearer information obligations and capped interchange card fees – are all bringing market changes for the benefit of consumers and merchants. Payment choice is greater than ever before (cash, card, digital wallet, Account to Account (A2A) payments). However, at the tail end of her Mansion House speech in late November, Rachel Reeves said:
“And finally, we are publishing our National Payments Vision…… including decisive action to progress Open Banking…… and support our fintech businesses.”
The NPV follows a long line of reviews and regulatory interventions and is in part a response to the Garner Review which called upon government to set out a clear strategic vision for payments. It picks up this challenge and emphasizes that policy in regard of payments should be founded on three key pillars: innovation, competition and security. It sets out its ambition for payment systems.
In our briefing note, which is available to download, CEPA's payments experts place this initiative in the wider policy context and then examine the key elements of the NPV. They then examine whether the Government’s approach is likely to succeed.
To find out more, please contact our experts listed below.
