After years of industry discussion about the need for simplification, coherence and modernisation, this was the year when intent turned into direction—and direction turned into action. 

The National Payments Vision (NPV), published in 2024, set the tone. It crystallised something the industry had known for a long time: we cannot deliver the modern payments ecosystem the UK needs without clearer governance, greater regulatory alignment and infrastructure designed for the future, not the past. 

In November, the PVDC’s Retail Payments Strategy provided the next layer of clarity. It didn’t attempt to create a delivery roadmap—rightly so—but instead set out the outcomes and capabilities the UK must aim for. It gave us a shared vocabulary and a strategic frame for the decisions ahead. 

But for me, one moment stands out above all others. 

The Mansion House announcement: a turning point 

The Chancellor’s Mansion House announcement in July, confirming the creation of DeliveryCo, was the clearest signal yet that the UK is serious about modernising its retail payments infrastructure. 

I’ve worked in payments long enough to know that change on this scale doesn’t happen often—and when it does, it requires collective resolve. DeliveryCo represents that resolve: a new, industry-led entity dedicated to designing and delivering the next generation of the UK’s core retail payments infrastructure. 

For the first time, we have: 

That announcement didn’t just validate the direction of travel—it energised it. 

Strong governance to match strong ambition 

Alongside DeliveryCo, the maturing role of the Retail Payments Infrastructure Board (RPIB) has been just as important. Bringing together regulators, government and senior industry leaders, the RPIB ensures the UK’s future payments infrastructure is overseen with strategic discipline and shared accountability. 

The combination of the RPIB’s oversight and DeliveryCo’s delivery role gives us something we’ve not had before: clarity about who decides what, who builds what, and how we will collectively steer the system over the next decade.

Building the foundations of next-generation payments 

A great deal of the work this year has focused on defining the capabilities the future retail payments system must deliver. These conversations can seem technical, but they matter because they shape real outcomes for people and businesses. 

We are talking about infrastructure that is: 

These capabilities are not optional—they are the basis for improving bill payments, enhancing reconciliation for businesses, and ensuring better A2A payment journeys in the future. 

A2A at retail: a clearer understanding of the opportunity 

One area where I’ve started to see growing clarity this year is account-to-account payments at point of sale. It remains a long-term opportunity, but the feasibility work and early thinking on trust, risk and liability, which UK Finance kicked off in Q4, has helped industry better understand what it would take to make A2A viable, safe and user-centric. 

This is not about replacing cards; it’s about expanding choice and designing the infrastructure that enables new models to emerge when the market is ready. 

Digital money: preparing for the future while protecting the present 

Similarly, 2025 has seen important progress on digital money—from stablecoin regulation to tokenised deposits and ongoing exploration of a potential Digital Pound. What gives me confidence is the balanced approach the UK is taking: encouraging innovation while ensuring interoperability and strong consumer protection remain non-negotiable.