Santander UK Calls for a Consumer-first Payments Strategy as New Research Shows Fraud Prevention is the Public’s Top Priority
By Dominic Sow · 3 December 2025
Consumers want innovation in the payments industry to prioritise fraud prevention, security and protection over speed and convenience when choosing how to pay, according to a new report published today by Santander UK.
Santander’s “Transacting Tomorrow: The role of retail payments in powering UK growth”, finds most (70%) consumers believe today’s payments work well, but want future innovation to tackle what they perceive to be “the real gaps”, primarily fraud and consumer protection.
More than half of consumers polled (52%) say that fraud is their biggest worry, along with loss of funds, when it comes to making payments, as such future payments infrastructure must place fraud prevention at its core, for example with the ability to slow suspicious payments.
Consumer concerns over security have led to a wariness of new payment methods, as two thirds (63%) of adults are very unlikely to use cryptocurrencies to make payments in the future, citing volatility, privacy risks and lack of protection as key deterrents. More than half of the public (55%) say they have not heard “anything” about the Bank of England’s digital pound project, and a majority of those who have, see it as unnecessary or confusing.
Just one in five people polled believe new ways to pay are needed.
The report also highlighted a lack of understanding over the impact of new ways to pay with concerns focused on the potential cost to taxpayers, risks to privacy, and disruption to traditional banking. If digital currencies are to succeed, education, clarity of purpose and integration with trusted banking systems will be essential.
Santander UK’s ‘Transacting Tomorrow’ report sets out ten priorities for policymakers, regulators and industry to secure a payments system that is safe, innovative and sustainable:
- Put consumers first – Focus innovation on tackling real challenges such as fraud and protection, not inventing new ways to pay without demand.
- Make innovation commercially viable – Ensure new payment models are economically sustainable so protections can be maintained.
- Renew infrastructure smartly – Replace Faster Payments and Bacs with modern, secure systems that retain familiarity for users.
- Design out fraud – Embed prevention, data-sharing and clear liability into every new system.
- Back tokenisation over retail CBDCs – Prioritise tokenised commercial bank deposits and regulated stablecoins rather than a consumer digital pound, provided by the central bank.
- Empower regulators to drive innovate – Encourage a pro-innovation culture supported by visible political backing.
- Streamline oversight – Use the PSR’s abolition to simplify regulation and clarify the roles of the FCA and Bank of England.
- Protect cards’ strengths – Keep card payments competitive, transparent and affordable through clear fee oversight.
- Keep government in the lead – Maintain Treasury coordination of the National Payments Vision and future infrastructure strategy.
- Build on trust – Leverage the credibility of banks, who remain the most trusted advocates in this space by consumers, and established networks to guide safe, consumer-led innovation.
Companies in this story: Santander