Chancellor of the Exchequer Jeremy Hunt has launched a review into the future of payments in the UK, led by the former chief executive officer of Nationwide, Joe Garner.
In his Mansion House speech yesterday (10 July), Hunt said: “I want to make sure we remain at the forefront of payments technology.
“So I am launching an independent review into the future of payments – led by Joe Garner – to help deliver the next generation of world class retail payments, including looking at mobile payments.”
Garner left Nationwide last year, and has previously worked at HSBC and BT prior to the building society.
The Government is seeking views from stakeholders, both individuals and organisations, into its Future of Payments Review.
The review aims to “consider how payments are likely to be made in the future and make recommendations on the steps needed to successfully deliver world leading retail payments, further boosting UK fintech competitiveness”, according to the Government website.
It will look at payments “primarily through a ‘consumer needs’ lens”, before making recommendations for government, financial services regulators and industry.
David Postings, chief executive officer of UK Finance, said that “we look forward to supporting Joe Garner’s review on the future of payments, which builds on our already world-leading payments systems”.
On LinkedIn, Tony Craddock, director general of The Payments Association, wrote: “This is excellent news, and The Payments Association looks forward to collaborating with Mr Garner and his team on this important programme to identify what’s really happening, and where we go from here.”
In a statement, the Payment Systems Regulator said: “The UK is leading the way on many aspects of payments, but with them so central to all of our daily lives, and with examples from across the world that show how it can be done in different ways, now is a good time to understand the wider context.”
The call for input closes on 1 September 2023, with a report and recommendations due to be published in Autumn.