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

In the UK, we now have more choice available to us when making payments than in any previous generation. Our options include more traditional payment methods, such as cash and cheques, but also card payments, Bacs Direct Credits, Direct Debits, instant account-to-account transfers via Faster Payments, and more recent innovations such as contactless payments and mobile payment wallets provided by Apple Pay and Google Pay (among others).

People will always opt for the payment methods that suit them best in any given situation. Increasingly, in the UK people are choosing to pay by debit card, which became the most frequently used payment method at the end of 2017, overtaking cash.

In 2018, over 39 billion payments were made in the UK, with a total value of more than £83 trillion.

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

We work 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, Confirmation of Payee and Request to Pay, access to banking, and customer protections when payments are made. We are also working with the industry to help the UK adapt to the demands of a society that uses less cash, but still needs to ensure that cash can be accessed in a timely, effective and efficient manner by those who need to use it.

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.

STRONG CUSTOMER AUTHENTICATION

Strong Customer Authentication (SCA) is a new set of rules that will change how you confirm your identity when making purchases online. The implementation of SCA requires merchants and Payment Service Providers (PSPs) to work together with technology suppliers, card schemes and many others to deliver SCA in a way which works well for customers.

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At UK Finance we continue to develop our strategy of supporting the UK’s position as a global leader in financial services, why not find out more?

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