Jana Mackintosh, Managing Director of Payments, Innovation and Resilience at UK Finance, said:

The UK payments market is strong and well-developed, and we are pleased to see this reflected in the Future of Payments Review. However, we agree that the pipeline for change is congested, and the payments landscape needs to be simplified. We strongly support better coordination between regulators to help smooth the road.

“While we have a mature cards market in the UK, we know there could be more room for choice and innovation. Open Banking could play a key role. As the industry continues its work on the future of payments, protecting customers and enhancing the payments journey will remain priorities. We look forward to continuing our work with government, regulators and members to keep our payments system safe, improve the UK market and deliver better outcomes for users.