Joining Otto were Steve Allen (Barclays, Chair of the PPSB), Agnes Woollard (Mastercard), Andy Sacre (Monzo), and Lisa Scott (TrueLayer). Together, they offered perspectives spanning incumbents, networks, challengers, and open banking, grounding the discussion in real delivery experience. Held under Chatham House rules, the conversation was open, candid, and at times challenging, but several clear messages emerged.

Progress is not just about new infrastructure

A strong starting point was a deliberate shift in tone. This is not just about the future or waiting for the next generation of infrastructure to arrive.

The UK already has significant strengths across cards, account-to-account, and existing payment systems that deliver real value today. The challenge is not to replace everything, but to build on what works while creating space for innovation alongside it.

That includes accelerating practical use cases, such as account-to-account payments in retail and e-commerce, rather than focusing solely on long-term structural reform.

Pace matters – but so does practicality

There was clear alignment that the industry needs to move faster. But equally, there was recognition that speed without clarity can create new risks.

The panel emphasised the importance of focusing on what can be delivered now, using existing rails, proven technology, and real customer demand, while continuing to shape the longer-term direction of infrastructure.

This ‘build while evolving’ mindset was seen as critical to maintaining momentum.

Bringing it back to the customer

A recurring challenge from Otto was to move beyond industry language and refocus on the end user.
Whether discussing AI-driven commerce, tokenisation, or account-to-account payments, the same test applies: does this improve the customer experience?

Convenience, speed, trust, and clarity remain the defining factors. Innovation that does not deliver tangible benefits to customers, whether consumers or businesses, will struggle to gain traction, regardless of how sophisticated the underlying technology may be.

Commercial reality cannot be ignored

The panel also addressed a point that is increasingly central to payments discussions: innovation must be commercially viable.

There was a clear acknowledgement that without sustainable economics, whether for banks, fintechs, merchants, or infrastructure providers, progress will stall.

This is particularly relevant for newer models such as account-to-account payments at point of sale, where questions of liability, consumer protection, and merchant economics still need to be fully resolved to enable scale.

Technology is not the battleground

Echoing earlier discussions in the day, the panel pushed back against framing the future of payments as a competition between technologies.

Cards, account-to-account, tokenised money, and emerging models like agentic commerce are not mutually exclusive. Each serves different use cases, risk profiles, and customer needs.

The more productive approach is to design for interoperability and choice, allowing different models to coexist and compete, rather than attempting to force a single dominant solution.

Managing risk while enabling innovation

The discussion on emerging areas, particularly AI and agentic commerce, highlighted both the opportunity and the complexity ahead. Trust remains fundamental. As payments become more embedded in digital journeys, questions around liability, data use, and consumer protection become more acute, not less.

The panel’s view was clear: innovation and risk management must move together. The industry cannot afford to wait for perfect answers, but nor can it ignore the need for robust safeguards.

From alignment to action

Perhaps the most important takeaway from the panel was a sense that the industry is increasingly aligned on what needs to happen next.

There is recognition of the need for pace, a focus on practical delivery, and a shared understanding that collaboration will be essential. But there was also a challenge: alignment alone is not enough.

The next phase must be about execution – testing, piloting, scaling, and learning in real time. As Otto closed the session, the message was clear. The UK payments ecosystem has the ingredients to lead, but only if it continues to push forward with confidence, pragmatism, and a relentless focus on outcomes.