The Payments Association (TPA) has released its Payments Manifesto 2025, emphasising the need to create conditions that support growth and innovation in UK payments and fintech.
Released amid calls for more investment and less regulation from UK Prime Minister Keir Starmer, the manifesto “aligns closely with the government’s agenda”, according to Lord McNicol of West Kilbride, who wrote the foreword.
Echoing sentiments shared by Starmer and Chancellor of the Exchequer Rachel Reeves, McNicol said: “The payments industry is a critical enabler of our economy, and the forward-thinking policies presented in this document reflect the dedication of The Payments Association’s members to foster a thriving financial ecosystem that serves businesses and consumers alike.”
Fraud prevention and regulation
One major focus of the manifesto is financial crime, particularly the rise of Authorised Push Payments (APP) fraud, a topic that dominated industry discussions last year. The issue gained traction following the Payment Systems Regulator’s (PSR) controversial fraud reimbursement rules, introduced last October.
The manifesto suggests lowering the mandatory reimbursement threshold from £85,000 to £30,000 while keeping the higher level for fully investigated cases with more realistic resolution timeframes, similar to those set by the Financial Ombudsman Service.
Additionally, TPA urges regulators to review the impact of these reimbursement regulations on market competition and innovation. This is an area the trade body has previously been vocal about, having successfully called for the threshold to be lowered from £415,000 to £85,000 last year.
The manifesto also reiterates TPA’s call for greater involvement of social media and big tech companies in fraud discussions. Many financial institutions believe social media platforms, where a large portion of fraud originates, have not been held sufficiently accountable under current regulations.
These concerns would fall under a proposed National Payments Plan (NPP).
Tony Craddock, Director General of TPA, commented: “The review should allow regulations to evolve to reflect changing technology and consumer needs, supported by a commercial model that rewards investment, risk, and quality. This would build consumer confidence, as would fraud prevention systems that mean reimbursement of scams becomes largely unnecessary.”
Digital ID and Open Banking
Digital verification and data sharing – two pressing industry topics – are also highlighted. Earlier this year, the government announced a summer launch of its GOV.UK Wallet, starting with driver’s licences and veteran cards – a move fully supported by TPA.
When it comes to Open Banking, the manifesto aims to ensure the UK remains a global leader in the sector. To achieve this, TPA is pushing for its accelerated adoption. One key focus is encouraging the widespread use of Variable Recurring Payments (VRPs), which the manifesto describes as an “early example of an effective commercial application” for Open Banking.
TPA also supports the development of the new Digital Information and Smart Data Bill, which would establish a regulatory body responsible for creating and maintaining open data standards.
These standards would ensure seamless data-sharing across businesses while remaining compatible with existing Open Banking frameworks. Furthermore, TPA is calling for a clearer government timeline outlining the data-sharing requirements for different economic sectors.
Digital currencies
The digitisation of finance has been underway for years, with varying levels of adoption worldwide. While the UK has embraced aspects of the sector, the US – particularly under the leadership of President Donald Trump – has surged ahead.
Although the manifesto does not specifically reference the US, perhaps reflecting caution around digital currencies, TPA outlines several steps to strengthen the UK’s position.
Among its recommendations, TPA advocates for greater public-private collaboration in adopting blockchain technology and digital assets, aiming to attract investment and drive innovation. It also calls for a regulatory framework for stablecoins.
Additionally, the manifesto emphasises the need to accelerate the development of a regulated digital asset ecosystem. TPA further encourages engagement with global bodies to ensure interoperability between traditional banking systems, card payments, stablecoins and Central Bank Digital Currencies (CBDCs).
Craddock concluded that the manifesto reflects industry insights, providing clarity on the next steps and guiding TPA’s working groups. He hopes it will also serve as a resource for policymakers and key institutions.
“We are grateful to the innumerable contributors that have made this Manifesto a compelling and clear call to action. Please help us by deploying its policies as part of our collective efforts to make payments work for real people in an everyday economy,” Craddock stated.
“We look forward to working with the UK’s authorities to undertake a review after the publication of the National Payments Vision and Strategy to produce a National Payments Plan that ensures everyday people benefit from our collective efforts to enable payments to drive growth.”
