The Payments Association, a trade group representing the payments sector has launched its Payments Manifesto 2025. The document contains key policy recommendations to support the government’s vision for a world-class payments industry.
The Manifesto, Creating the Conditions to support Growth and Innovation in Payments, describes the 66 policies recommended by the 216 payments professionals working across financial crime, regulation, open banking, ESG, cross-border payments, digital currencies and financial inclusion. It also includes a foreword written by Lord McNicol of West Kilbride, House of Lords.
The Manifesto follows the publication of the government’s National Payments Vision and Strategy (NPV&S) late last year. The aim of this initiative is to establish a “trusted, world-leading payments ecosystem” by promoting innovation, competition and consumer protection within the payments sector. This will help the UK regain global leadership in payments and unleash growth.
The need to modernise payments infrastructure
Tony Craddock, Director General of The Payments Association, said: “It’s time that the UK set out to grow and modernise our payments infrastructure to maximise its economic potential while ensuring consumer protection.
“For that to be the case, it’s vital to ensure the new infrastructure and legal system underpinning it is appropriate. Aligned to the vision, adaptive to change and supportive of the common goal of enabling economic growth and stability in an inclusive, liberal society. Our Manifesto provides the ideal context in which to proceed with this.”
Riccardo Tordera, Director of Policy and Government Relations, said: “We’re dangerously close to a stage where the US and the EU are moving ahead of the UK with regards to digital currencies. It’s our hope the government takes our recommendations on board and take advantage of the growth opportunities afforded by technology. We certainly don’t want to see the UK fall behind in the realm of payments, having led in this space for so long.”
Key Highlights of The Payments Manifesto 2025
Financial Crime: Focus on reducing authorised push payment fraud through improved data sharing. This will expand regulatory boundaries to include social media firms and AI-driven data analysis. Promoting interoperable dispute management systems, and advocating for robust digital verification frameworks.
Regulation: Emphasise the need for balanced regulation that fosters innovation, competition and consumer protection. The Association urges regulatory bodies like the Financial Conduct Authority and Payment Systems Regulator to prioritise growth and competitiveness alongside their other objectives.
Financial Inclusion: Aim to promote financial inclusion by supporting digital payments innovation and tailoring payment services to diverse needs. At the same time, acknowledging the continued importance of cash.
Open Banking, Cross-Border Payments, Digital Currencies, and Sustainability: Support accelerating open banking adoption, reducing cross-border payment costs, establishing a robust regulatory framework for stablecoins and digital money. In addition to promoting sustainable and inclusive payment products and practices.
The Lord McNicol of West Kilbride, House of Lords, who wrote the foreword to the manifesto, said: “There is a great need in the UK to tackle issues such as economic crime while increasing financial inclusion. Meanwhile we should be taking advantage of new technologies such as digital currencies. The Payments Association’s Manifesto shines a light on the key issues we need to address for a stronger UK.”
Hugo Remi, CEO of Cardaq, said: “We look forward to seeing The Payments Association’s policy recommendations implemented by the government for a more intuitive and secure payments landscape.”
Enterprise Times : What this means for businesses.
The UK’s payments infrastructure supports the movement of billions of pounds between businesses and consumers. It is vital to the effective running of the economy. Creating the environment for innovation and growth in payments is essential to ensure people can pay and get paid quickly, cheaply and securely. Failure to do so could prevent government and enterprises from realising ambitions for society in general and UK in particular.
As the Future of Payments Review from HM Treasury concluded in 2023, “A world leading payments environment is vital for a world leading economy and a healthy society. The economy cannot grow without the payments infrastructure to support it”.
The manifesto correctly advises that Vision alone is not enough. It calls for a National Payments Plan. The Payment Association’s push for growth in the UK via the launch of its Payments Manifest, is aligned with the Government’s National Payments Vision. It’s now for the government to act on the numerous policy recommendations outlined in the document.
