Personal Finance

Payments

Payment systems play a vital role in the UK economy; consumers and businesses make payments every day, whether to settle bills or to pay and receive salaries

The methods used vary from cash and cheque, bank transfer to credit cards, from online services to BACS and Faster Payments, with consumers increasingly adopting new ways of paying that were unimaginable as little as 10 years ago. In 2017 payment systems processed more than 22 billion transactions, with a value of around £75 trillion.

UK Finance represents all parts of the rapidly evolving payments sector. Our members now cover the full range of payments service providers, from established household names to smaller retail PSPs and new digital and fintech market entrants. 

We are currently working on behalf of members across the full spectrum of issues affecting the payments and cards industry, including open banking and PSD2, the new payments architecture and confirmation of payee, access to banking and customer protections when payments are made. The rapidly changing payments landscape in a market that is dependent on its network benefits means that now, more than ever, payment services providers have to work collaboratively to influence change.

UK Finance is engaging daily with policymakers and regulators in the UK, EU and globally, to help shape the future of payments in the UK and to help our members adapt to the complex and changing payments environment.

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