UK's National Payments Vision streamlines way forward

In response to a review that found a congested regulatory landscape lacking a "clear agreed vision" or "North Star", the Government has published a roadmap to improve alignment and set priorities towards a trusted and innovative payments ecosystem. Martin Dowdall and Daniel Hirschfield unpack the contents of the Vision and assess its likely impact for the sector.

Martin Dowdall (m.dowdall@taylorwessing.com) is a partner at law firm Taylor Wessing with particular expertise in the use of new technologies in financial services, including in relation to payments, cryptoassets and the use of AI. Daniel Hirschfield (d.hirschfield@taylorwessing.com) is senior counsel (Knowledge) with the firm.

In November 2024, the Chancellor of the Exchequer, Rachel Reeves, used her maiden Mansion House speech to unveil the National Payments Vision (Vision). [1] The Vision sets out the Government's ambition to build a "trusted, world-leading payments ecosystem" built on next-generation technology, offering consumers and businesses a variety of payment methods to suit their needs.