The Payments Association Calls on UK Government to Push for Growth Through Payments Innovation

The Payments Association, a trade group representing the payments sector, today sees the official launch of its Payments Manifesto 2025,  containing 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 launch will take place at the Palace of Westminster where it will be hosted by David Burton-Sampson MP, and a keynote speech will be delivered by Emma Reynolds MP, Economic Secretary to the Treasury. This 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, that can help the UK regain global leadership in payments and unleash growth.

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. I’d also like to thank our member Cardaq for sponsoring this event.”

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 greatest hope that the government takes our policy recommendations on board and take advantage of the growth opportunities afforded by this 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, expanding 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, while 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, and 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 were delighted to sponsor this event and look forward to seeing The Payments Association’s policy recommendations implemented by the government for a more intuitive and secure payments landscape.”

To download the payments manifesto for innovation and growth – Creating conditions to support innovation and growth in payments – visit: https://thepaymentsassociation.org/the-payments-manifesto/

For more information on the work and services of The Payments Association you can visit https://thepaymentsassociation.org/