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1、Aspecialthankyouto;accentureBrinAndtothemorethan100organisationswhocontributedtothisreport,including:csamazon正answerpydycbtsulBOODiLbiroBARCLAYSCCOgniZQntFiAanCAalSerrcesComumefPaneCroweETROBANKOrdPOSTOFFICEIiiPSRfsle第InCrowc1.SConsultingLimitedCumberlandBuildingSocietyemalJQnCiQlnfMCXRAYfir4llfinan
2、ceNUFQmozorinationwideOPENBANKINGnilFymtpNpSteangeeTruelayerXvendorcomOtrUStpaymentsm11NFVSwifttossnpTESCOQteytinkt-7TrustlyTOKENVOCALINKtloUKCMhSUPPI)TAIiMKe激(/、SworldpayWoRlOunWbSZynopayContentsForeword05EXeCUtiVeSUmmdry08High-levelconclusions,summaryofrecommendationsandpointsforconsiderationBackg
3、round15SettingthesceneinwhichtointerpretthisreviewOverview21PrimaryrecommendationsincludingforaNationalPaymentsVisionandStrategyConclusions31ConsumerExperienceandopportunitiestoimprove31Conclusion1:Consumerspendinginperson31Conclusion2:Consumerspendingonline37Conclusion3:Addressingdigitalandfinancia
4、lexclusion42OpenBankingandopportunitiestoexploitmorefully48Conclusion4:Addressingtheconsumerprotectiongap48Conclusion5:Improvingperson-to-personpayments54Conclusion6:Providingpaymentschoicetoretailersandmerchants64Conclusion7:Makingthecommercialarrangementssustainable71RegulatoryOversightandAlignmen
5、topportunities78Conclusion8:Tacklingfraudsandscams78Conclusion9:Streamliningtheenvironmentforfintechopportunities85Conclusion10:Aligningandprioritisingregulatoryandindustryinitiatives89GlobalAnnex96KeyinternationalinsightsthatemergedthoughthisworkForeworcV/.ForewordThisreviewwasinitiatedonJuly10thof
6、thisyearandoverthelastthreemonths,Iandasmallteamhaveconsultedwithc.150people.Wehaveconductedroundtablesandlistenedtoviewsfromlargeandsmallfinancialinstitutions,Fintechs, Financial Technology firmsBigTech,Telcos, Telecommunication firmsConsumerGroups,Regulators,Retailers,MerchantsandTradeAssociations
7、.Additionally,wereceivedover60submissionstoourCallforInput. Future of Payments Review - Call for InputIamextremelygratefulfortheopenandenthusiasticwaythatfirmsandindividualshaveengagedwiththisprocess,andIwouldliketothankallthoselistedontheprecedingpagefortheircontribution.Wehavealsorunsomelimitedpri
8、maryresearchandconductedfocusgroupstoensurethatwehaverigorouslyconsideredtheconsumerviewthroughout.Iwouldliketopaypersonalthankstokeycontributors,namelyAccenture,BaringaandtoEYinparticularfortheirinsightfulsupportthroughoutthisreview.ResponsesacrossdifferentstakeholdergroupsBigTechandFintechs-27%Ind
9、ustrybodies-11% Banksandbuildingsocieties-10%Schemesandnetworks-10% Individuals-10%Merchantgroups-8% Consumergroups-6%Consultancies-4%Regulators-3%Othergovernmentbodies-3%Other*-8%,TheOthercategoryincludesresponsesthatwereimmaterialorinsignificantOurtermsofreference4askthreequestions;Whatarethemosti
10、mportantconsumerretailpaymentjourneysbothtodayandinthenext5years?.Forthesejourneystoday,howdoestheUKconsumerexperienceforindividualsandbusinessescomparevsotherleadingcountries?CLookingatthein-flightplansandinitiativesacrosstheqpaymentslandscape,howlikelyaretheytodeliverworldleadingpaymentjourneysfor
11、UKconsumers?Inthetimeavailable,wehavesoughttoprovideahigh-level,strategicviewofthedigitalpaymentslandscape.WefirmlybelievethatcashcancoexistwithdigitalpaymentsandoverathirdofsubmissionstoourCallforInputhighlightedcashasarelevantissue.However,wedidnotwanttoduplicatetheworkalreadyunderwayonaccesstocas
12、h.Likewise,wehavechosennottofocusonothertopicalissueswhichareextensivelycoveredelsewhere,includingcryptoassets,largecorporatepayments,BuyNowPayLater(BNPL)andinternationalpayments.Intermsofin-flightinitiatives,wehavenotattemptedtoanalyseeachone,butratherlookatthebigpictureofwhattheyaddupto.Throughout
13、Ihaveattemptedtolistentoalltheviews-evenwhencontradictorytoeachother,beledbythedata,avoidpaymentsgobbledegookandbeclearwhereIamexpressingmyownjudgement.ThroughmyexecutivecareerIhaveexperiencedtheimportanceofpaymentsfromvariousperspectivesincluding;asfounderofastart-boom,adirectorattheretailerCurrys,
14、CEOofBsOpenreach,andfinallyatbothHSBCUKandNationwideBuildingSocietyasCEO.Ifcapitalandliquidityaretheheartandlungsofthefinancialecosystem,paymentsarethecentralnervoussystem.Aworldclasspaymentsecosystemisessential一notjusttotheeconomy-buttothelivesofeverymemberofoursociety.Ithasbeenagreatprivilegetolea
15、dthiswork,andIverymuchhopethatitwillmakeameaningfulcontributiontothefurtherenhancementofourcurrentstrongpositiontodayintheUK.ExecutivesummaryAworldleadingpaymentsenvironmentisvitalforaworldleadingeconomyandahealthysociety.Theeconomycannotgrowwithoutthepaymentsinfrastructuretosupportit.Theabilitytose
16、ndandreceivemoneymustberesilient,reliable,scalable,adaptable,secure,trusted,fastandconvenientfortradetothriveateveryleveloftheeconomy.Andasconsumers,eachofusreliesontheaboveeverydaytoshop,travelandworkinthewaythatwedotoday.TheUKisinagoodplacetoday,butwithoutaNationalPaymentsVisionandStrategy,Wecanno
17、tbeconfidentinthefuture.,Overall,weconcludethattheUKpaymentslandscapeisinagoodpositiontodaywithmanypositives.Firstandforemost,thepaymentsenvironmenthasalongtrackrecordofsecurity,reliability,andresilience.TheUKhashistoricallybeenaleaderoninnovationinareassuchasrealtimepaymentsandOpenBanking.To note,
18、Open Banking is one option for enabling real-time account-to-account transfers in the UK. This review has considered in detail opportunities for exploiting Open Banking, given the strength of feedback received through our stakeholder engagement. Howeverwe acknowledge that there are multiple acunt-to
19、-account solutions in existence, and support continued innovation across all payment mechanisms to help ensure the UK,s position as a world leader in this space.OurtermsofreferenceaskthequestionttLookingatthein-flightplansandinitiativesacrossthepaymentslandscape,howlikelyaretheytodeliverworldleading
20、paymentjourneysforUKconsumers?Wefoundmanywellintendedin-flightinitiativeswhichallmakesenseinisolation,butinthecourseofourwork,wecouldnotfindaclearagreedvisionofwhattheyareaimingtoachieveinaggregate.WithoutquestionthestrongestpieceoffeedbackWereceivedthroughthisreviewisthattheUK,spaymentslandscapelac
21、ksvisionandclarityofpriorities.Thislackofvisionandstrategymeansthatitishardtohavehighconfidenceinachievingacoherentoutcomein5-10years,time.OurstrongestrecommendationisthereforethattheGovernmentdevelopsanationalpaymentsvisionandstrategy-particularlyconsidering;i)thecriticalityofpaymentstoconsumersand
22、theeconomy,ii)themanybillionsofpoundsbeinginvestedandiii)thehighlyinterdependentnatureofthepaymentsarena.5 h5ps:WWW.openbanking.org.uk/what-is-open-banking/Thisworkshouldhaveaprimaryaimofsimplifyingthelandscapeovertime.Ahealthypaymentsecosystemisessentialtoahealthycompetitiveeconomy.Withaclearvision
23、forthefuture,paymentscanhelpunlockGDPgrowththroughfosteringsmallbusinessgrowth,frictionlesstrade,andFintechinnovation.wTheUKconsumerbenefitsfromaworld-leadingpaymentsexperiencetoday-butitcouldbeevenbetter.,Turningtothespecificpaymentsjourneyswewereaskedtoconsider;thepictureismixed.Onthepositive,theU
24、Khasarelativelymaturebanking,cardsanddigitalwalletsenvironment,andawell-developedregulatoryenvironment.Takentogetherthismeansthatfromaconsumerpointofview,theUKholdsaleadingpositionforthepurchaseexperienceofgoodsandservices-bothin-personandonline.WemakesomerecommendationsregardingStrongCustomerAuthen
25、tication(SCA)requirementsthatwebelievecanmakethingsevensmootherforconsumersatthepointofpurchase.Wearesupportiveoftheworktopreserveaccesstocash,andareconcernedthatdigitalexclusioncouldbeaddingtothefinancialexclusionproblem.Weareaskingthattheseissuesarecloselymonitored.Onthenegative,therearetwosignifi
26、cantissuesintheretailspacethatneedtobeaddressed.First,theconsumer-to-consumerbanktransferprocessisclunky(relativetointernationalcomparators)withtheneedtoenteraccountnumbersandsortcodes.Thisneedstobeimprovedinthecomingyears.Second,manymerchantsandretailersarefrustratedbythecostsoftakingcardpayments,a
27、ndthelackofviablealternatives.OpenBankingcanhelpimprovebothperson-to-personbanktransfersandprovideanalternativetothecardschemes,butonlyifthelackofconsumerprotectionandcommercialarrangementsareaddressed.,FirmsandFintechsarestartingtoinnovateanduseOpenBankingcapabilitiestoimprovethebanktransferexperie
28、nceforconsumers.Ourworkleadsustobelievethat-withsomeadjustments-OpenBankingcouldhelpimprovetheconsumer-to-consumerprocessand(intime)provideanalternativetothecardschemesforretailers.However,thereiscurrentlynoconsumerdisputeresolutionprocessforOpenBankingtransactions,andwebelievethiswillbeabarriertoad
29、optionifnotaddressed.Likewise,thecurrentcommercialarrangementsdonotcreatetheconditionsforOpenBankingtothriveinahealthyway,withcostsandbenefitsmisaligned.Iftheseissuescanbeaddressed,weareoptimisticaboutthescopeforinnovationandbelievethattheUKcanuseOpenBankingtocaptureaworldleadingpositiononceagainint
30、heseareas.EvenaheadofaNationalPaymentsVisionandStrategy,therearesomeactionsthatcanbetakentodecluttertheenvironmentandaccelerateprogress.,TheUKhasawell-developedpaymentsenvironment,butitisalsoverycomplexwithmultipleindustryandregulatorybodies.Wemakesomesuggestionsonhowtoimprovealignmentandprioritisat
31、ionwiththeintentionoffreeingupmorespaceforinnovation.Weareadvocatingthatonthehigh-profileissueoffraudsandscams,weincreasethefocusonpreventingthecrimeinthefirstinstance,andcloselyassesstheimpactofthenewAuthorisedPushPayment(APP)fraudreimbursementrules.for-app-fraud-reimbursement/Atechnologyinflection
32、point?”Finally,throughoutthisworkwehaveobservedhowtechnologyingeneral,andBigTechinparticular,areredefiningnotjustpaymentsbutfinancialservicesintheprocess.In1994BillGatespredictedthattechnologyfirmswillbypass*banks.Theextremelyrapidadoptionofdigitalwallets(e.g.AppleandGooglePay)mayindicatethatweareat
33、aninflectionpoint.Weconcludedthatthispresentsasmuchopportunityasthreatandencourageanopenandcollaborativedialogueinthebestinterestsofconsumers,businesses,andthewidereconomy.Insummary,theUKhastheopportunitytocreateaworldleadingpaymentsenvironmentlongintothefuture.Buttodothisweneedtocutthroughthecomple
34、xityandworktowardsanewsharedvisionconsistentlyoverthelongterm.6 https:WWW.psvorg.uk/news-and-updates/1atest-news/news/psr-confirms-new-requirements-Summaryofrecommendations(TlTheprimaryrecommendationisthattheGovernmentdevelopsaNationalPaymentsVisionandStrategytobringclaritytoitsfuturedesiredoutcomes
35、forUKpayments.Akeyaimofthisstrategyistosimplifythelandscape.Althoughtotalpaymentshavegrownslowlyovertimeto47.5bnlastyear,therehavebeenrapidshifts-mostnotablyfromcashtodebitcards.Additionally,paymentsthroughtheFasterPaymentsSystemhavealsogrownastheyhaveprogressivelyalsoreplacedcheques.Thesetrendsaref
36、orecasttocontinue-albeitatamoremoderaterate-overthecomingyears.UConsumerExperienceandopportunities1toimproveRecommendations1&2areconcernedwithimprovingtheconsumershoppingexperiencebymovingSCArequirementsawayfromdetailedtechnicalstandardsfortheFinancialConductAuthority(FCA)tosuperviseviaanoutcomes-ba
37、sedapproach.Thiscanimprovetheshoppingexperienceandfurtherreducefraud.Recommendation3asksthatHMTreasuryandtheFCAregularlyassesswhetherdigitalexclusionisleadingtofinancialexclusion.Thepositionisevolvingrapidlyandneedstobecloselymonitored.国OpenBankingandopportunitiestoexploitvjmorefullyRecommendation4i
38、sthatconsumerprotectiononpaymentsmadeviaOpenBankingisenhancedwithaminimumformofdisputeresolution.ThiswillcreatethetrustandsecuritythatconsumersneedtoadoptOpenBankingsolutions.Recommendation5isthatOpenBankingisleveragedtoimprovetheperson-to-personbanktransferpaymentsjourney.WebelievethatOpenBankingjo
39、urneyscanrivalthebestintheworld-ifwefocusonthem.Recommendation6isthatanOpenBankingalternativepaymentjourneyisdevelopedtogiveretailerschoicebeyondcardschemes.Inaddition,thatthePaymentSystemsReguIator(PSR)completetheirworkinvestigatingcardschemefees.Ifchoicecanbecreated,webelievethatmerchantdissatisfa
40、ctionwilldecrease.Recommendation7isthattheGovernmentandJointRegulatoryOversightCommittee(JROC)prioritiseagreementofacommercialmodelforOpenBankingsothatthereisscopetoinvestinbothinfrastructureandconsumerprotection.Withoutsustainablefinancials,itishardtoseethatOpenBankingcanthriveoverthelongterm.UjImp
41、rovingregulatoryoversightandalignmentLVJwouldallowformoreefficiencyandinnovationRecommendation8isthatthePSRconductsareviewofthenewAPPfraudrulesafter12monthsofimplementationandwearesuggestingthattheGovernmentsetamoreambitiousfraudcrimereductiontargetbeyond2024.Theemphasisshouldbetopreventthecrimeinth
42、efirstplace.Recommendation9isthatHMTreasuryandtheregulatorsreviewwhetherthewaysomecurrentregulatoryrequirementsareappliedtoFintechsisclearandappropriate.Ifwecanreducethecomplexityforsmallerfirms,theywillgrowmorerapidly.Recommendation10isthatHMTreasuryandtheregulatorstakeavarietyofactionstodriveclose
43、ralignmentofregulatoryactivity,includingthroughupdatedremitletters,enhancingtheregulators*existingMemorandumofUnderstanding,ensuringcross-pollinationatBoardlevelandworkingtoreducetheregulatoryinitiativesimpactingfirmsbyanaspirationalambitionof10%.Theintentionistofreeupmorecapacityforinnovation.Forco
44、nsiderationThroughthisreport,aswellasrecommendations,wecalloutanumberofthoughtsforconsideration.ThestrongestthemeemergingunderthisheadingisthenatureofGovernmentengagementwithBigTech. AcrossGovernmentthereareanumberofhighpriorityissuesrelatingtoBigTech-nationalsecurity,onlineharms,artificialintellige
45、nceaswellasfinancialservices. TheimpressionformedthroughresearchingthisreportisthatGovernmentengagementwithBigTechcouldbebettercoordinated. MultipleattemptstodirectandregulateBigTechmayresultindeterioratingrelationsorinextremisBigTechsteppingbackfromtheirstrongpositionsintheUK. Itfeelslikethereisano
46、pportunitytotakeamorecoordinatedapproach-morelikethediplomaticapproachtoacountrywithanambassador7-withtheaimofagreeingmutuallybeneficialpartnershipsoverall,ratherthannarrowtransactionaloutcomes.7WenotethattheEUhasopenedwhatcouldbedescribedasaSilinValleyembassytostrengthenitsdigitaldiplomacy.US/Digit
47、al:EUopensnewOfficeinSanFranciscotoreinforceitsDigitalDiplomacyEEAS(europa.eu)BackgroundThroughouthumanhistory,thewaythatwepayforgoodsandserviceshasbeenbecomingprogressivelylesstangibleandmoreremote.Earlyhumanhistorywasabartereconomy.Then,accordingtotheUKCashSupplyAlliance8,coinsstartedappearingintheworldaround600BC,andtheRomansbroughtthemtoBritainaroundthefirstcenturyAD.TheRoyalMintwasfoundedin886andisthe10tholdestcompanyont
