The Payments Association (PA) has taken the next step in its journey to make payments in the UK more accessible with the release of its Payments Manifesto.
Announced at the PAY360 London Awards, the manifesto is aimed at UK companies in payments running both “regulated and unregulated services”, as well as businesses in the private and public sectors which cater to customers looking for secure and convenient payments.
As part of the announcement, the PA quoted the Chancellor and his 2023 Mansion House speech, in which he stated that: “Payments are essential to the UK’s economy – to people, to businesses – and are a major source of the UK’s competitive growth, at the heart of a dynamic and changing financial services sector.”
This growth can only be reached through collaboration, according to the PA, and the manifesto aims to achieve just that by addressing those running the institutions in the UK, as well as international infrastructures like card schemes and payment networks.
Tony Craddock, Director General of The Payments Association, said: “Our aim is for the UK payments industry to lead the world in providing innovative solutions that satisfy consumer and business needs, as well as, through the economic contribution our industry makes to the UK, be a driver of social wellbeing and economic growth.
“This vital piece of work is our declaration to industry stakeholders that we’ll achieve this aim while also providing the UK’s political parties with policy suggestions for their own manifestos, ahead of the next general election.”
The manifesto itself revolves around making three top pledges aimed at tackling fraud and scams. Authorised Push Payment (APP) fraud in the UK for example is a “£485m issue for the industry to solve” the PA said.
To address this, the manifesto suggests that more cross-industry data sharing efforts are needed, especially between financial institutions, Big Tech and merchants, as well as a review of the plans of near-guaranteed payouts to fraud victims and the 50/50 liability split between sending and receiving institutions.
Craddock added: “The UK payments industry is an undeniable success story and has emerged as a cornerstone of economic growth and technological advancements. The UK remains at the forefront of progress. Unfortunately, this status is not guaranteed – it needs constant work to keep it there.
“I believe it is essential that we collaborate to build a solution to the problem of APP fraud, not simply plaster over a wound. Our members fear that if we don’t get this right, we will see businesses flee the UK in droves.”
You can read the whole manifesto by clicking here.