London, United Kingdom. 21st October 2020: The Emerging Payments Association (EPA), which promotes collaboration and innovation across payments, has today published a paper containing the community’s responses to HM Treasury’s Payments Landscape Review: Call for Evidence, detailing recommendations on how to ensure the UK’s payments industry becomes progressive, world-leading and secure, and effective at serving the needs of everyone who pays and gets paid.
The paper describes some of the opportunities and challenges facing payments firms, including macro factors such as Brexit and changing regulations in the European Union (EU) to industry developments such as Open Banking and ISO202022. Furthermore, the consultation response details how technology-enabled developments like Central Bank Digital Currencies and QR-Code enabled payment platforms are enjoying widespread adoption in Asia.
The community’s response also considers the implications of changing consumer behaviour, as a result of the current pandemic and the importance of monitoring and evolving the roles and responsibilities of the different stakeholders leading and regulating payments in the UK.
Overall, the EPA believes that the Government is meeting its objective that UK payments networks operate for the benefit of end-users but that more can be done over time to create an even fairer playing field.
Tony Craddock, Director General of the Emerging Payments Association, commented: “The EPA welcomes the opportunity to contribute to HM Treasury’s Payments Landscape Review. The community’s responses reflect views expressed by our diverse members from across the payments value chain. It is testimony to the collegiate and collaborative nature of our industry, having been drafted by a member of our Project Regulator Team, and shaped and enhanced by contributions from the rest of the team and other volunteer members.”
Robert Courtneidge, Independent Industry Advisor and EPA Project Team Member, who drafted and coordinated the EPA’s response, added: “Once again the EPA’s Project Regulator Team has worked together on short notice to produce insights and opinions on how to keep the UK, and indeed London, at the top of the World’s Fintech ladder.”