Future Finance: What’s next for Digital Payments? | IPT
Chair: The Rt Hon Baroness Kramer, Liberal Democrat Spokesperson for Treasury
Speaker: Tony Craddock, Director General, The Payments Association
Speaker: Joe Garner, Chair, The Future Payments Review
Dinner Discussion

Date:

Monday 04 March 2024

Venue:

House of Commons

Start Time:

19:00

End Time:

21:15

In July 2023, The Future of Payments Review was launched as part of the Chancellor's Mansion House Reforms. The review aims to consider how payments are likely to be made in the future and consider what steps industry and Government need to take to deliver a successful UK payments ecosystem. The financial landscape has changed significantly due to technological advancement and traditional payment methods such as checks have been overtaking by more convenient and efficient digital methods. Global averages estimate that around 51% of adults have access to a bank account, with the UK having the 5th highest proportion of adults with a bank account at 95%. The development of Open Banking was a key feature in the review to help improve transfers and provide alternatives to card payments in the UK, with the review outlining that the UK is falling behind in terms of person-to-person payments made by bank transfer. As the UK’s payments landscape continues to develop how can industry and Government work together to create a financial ecosystem that is resilient and reliable?

The event will:

  • Discuss the opportunities and challenges that the payments review posed and how the review can redefine payments in the UK.
  • Examine how Open Banking could be a driver for the UK’s financial ecosystem to expand and what regulatory frameworks are needed to implement this.
  • Explore how Big Tech can be key to how the payments industry advances and how collaboration can support further growth in this sector.