The Payments Association, the most influential community in payments, has today launched The Payments Manifesto 2025: creating conditions to support growth and innovation in payments.

The government is producing a much needed National Payments Vision and Strategy (NPV&S), that reflects its recognition of the systemic importance of payments to the UK authorities and how its leadership must give rise to a new era for payments. After the publication of the NPV&S, The Payments Association has urged the UK authorities to undertake a swift and well-defined review which leads to the production of a National Payments Plan (NPP), including:

• Reinforce the four outcomes identified in the Bank of England’s recent paper on the Bank’s approach to innovation in money and payments: the singleness of money; innovation; resilience of infrastructure and the wider ecosystem; and effective governance and funding.
• Prioritise initiatives and decide on investment programmes.
• Address institutional changes that may include the rationalisation of current institutions and changes to governance to underpin a resilient, modern, efficient and inclusive payment ecosystem that meets the evolving needs of businesses and consumers.
• Include strategic change programmes aligned with key priorities, including independent oversight, regulatory effectiveness, innovation, and risk management.

The Manifesto describes the 66 policies recommended by the 216 payments professionals who participate in The Payments Association’s stakeholder working groups. These cover financial crime, regulation, open banking, ESG, cross-border payments, digital currencies and financial inclusion.

Tony Craddock, Director General, The Payments Association, said: “A review to produce an NPP to ensure the delivery of the government’s NPV&S is critical to ensuring the new infrastructure and legal system underpinning it is appropriate, aligned to the vision, adaptive to change and supportive of the common goal of enabling economic growth and stability in an inclusive, liberal society.”

“As the Deputy Governor of the Bank of England wrote, ‘One contribution the Bank of England can make, working with industry, is to redouble our efforts on innovation in money and payments — modernising trains and rails, as the fundamental infrastructure for commerce and the digital economy”. I believe that achieving the Bank’s desired retail payments outcomes will require clear and renewed leadership from UK authorities and the payments industry.”

“Our community at The Payments Association is committed to supporting the government and its authorities to produce a compelling, whole-ecosystem NPP by engaging with members from across the payments value chain, from retail stablecoin issuers to cash schemes, in this critical work. Together, I look forward to entering an exciting new era for payments.”

The Payment Association’s manifesto is creating the conditions to support innovation and growth. The policies within the manifesto reflect views expressed by members, and was created after extensive discussion to support the government’s innovation and growth agenda, while also highlighting concerns.

Financial Crime

The first area of concern to The Payments Association’s members addresses economic crime, including fraud and money laundering, with policies to reduce authorised push payment fraud focussed around improving data sharing, as well as widening the scope of the regulatory boundaries to include social media firms and others that encourage the use of artificial intelligence to assimilate data to fight fraud. Furthermore, the manifesto includes policies to encourage the use of interoperable dispute management systems to tackle first party fraud and reduce errors and the adoption of robust digital verification frameworks to create a safer financial ecosystem.

Regulation 

The government’s commitment to kick-start economic growth, deliver economic stability and forge partnerships with businesses to boost growth everywhere requires good regulation implemented in a dynamic and responsible manner. Regulations and regulators are central to an effective payments ecosystem, so The Payments Association advocates for a balance between innovation, competition and consumer protection. It urges regulatory bodies such as the FCA and the PSR to prioritise growth and competitiveness alongside their other primary objectives to ensure that the UK remains an attractive destination for investors.

Financial Inclusion

The policies aim to work alongside the government’s work to promote financial inclusion to ensure innovation serves diverse needs of businesses and consumers. While cash remains a popular means of payment for many, digital payments can help reduce the poverty premium and ensure financial inclusion for those still unable to access appropriate financial services. By supporting initiatives that enhance digital payments innovation and by tailoring payment services to diverse needs, The Payments Association is paving the way for a more inclusive economy where everyone can participate and benefit.

Open Banking, Cross Border Payments, Digital Currencies and Sustainability

The community also supports accelerating open banking adoption by promoting consumer protection and dispute resolution for account-to-account payments and developing equitable commercial models. By accelerating the evolution from open banking to open finance and then open data, The Payments Association believes its policies will stimulate innovation and competition, providing consumers with better (and cheaper) financial products and experiences.

The policies for cross-border payments is targeted at reducing transaction costs and harmonising regulations to facilitate seamless and secure international transfers. Meanwhile, Environmental, Social and Governance policies are aimed at making payment products more sustainable and the industry more diverse and inclusive. Finally, in the arena of Digital Currencies, the policies are aimed at positioning the UK as a leader in digital finance, advocating for a robust regulatory framework for stablecoins and the adoption of digital money.

Riccardo Tordera, Director of Policy and Government Relations, The Payments Association, said: “We appreciate the generosity of our many members who volunteer to be part of our working groups and their sincerity in caring for the issues championed in this Manifesto. Their policies will not only help to create the conditions for innovation and growth but they will also enhance systemic resilience, streamline international transactions, reduce costs and enhance global trade. This will contribute directly to the government’s objectives of increasing GDP and fostering international business relations.”