The Emerging Payments Association (EPA) has published a paper describing some of the opportunities and challenges facing payments firms, including macro factors such as Brexit and changing regulations in the European Union, as it issued responses to HM Treasury’s Payments Landscape Review: Call for Evidence.
The paper detailed recommendations on how to ensure the UK’s payments industry becomes progressive, secure and effective at serving the needs of everyone who pays and gets paid.
Furthermore, the consultation response details how technology-enabled developments like Central Bank Digital Currencies and QR-Code enabled payment platforms are enjoying widespread adoption in Asia.
Tony Craddock, Director General of the Emerging Payments Association, commented: “The EPA welcomes the opportunity to contribute to HM Treasury’s Payments Landscape Review. The community’s responses reflect views expressed by our diverse members from across the payments value chain. It is testimony to the collegiate and collaborative nature of our industry, having been drafted by a member of our Project Regulator Team, and shaped and enhanced by contributions from the rest of the team and other volunteer members.”
The community’s response also considers the implications of changing consumer behaviour, as a result of the current pandemic and the importance of monitoring and evolving the roles and responsibilities of the different stakeholders leading and regulating payments in the UK.
Overall, the EPA believes that the Government is meeting its objective that UK payments networks operate for the benefit of end-users but that more can be done over time to create an even fairer playing field.
Robert Courtneidge, Independent Industry Advisor and EPA Project Team Member, who drafted and coordinated the EPA’s response, added: “Once again the EPA’s Project Regulator Team has worked together on short notice to produce insights and opinions on how to keep the UK at the top of the World’s Fintech ladder.”
To download a copy of the paper, please visit: https://www.emergingpayments.org/whitepaper/epa-response-to-hmt-payments-landscape-review/