The Payments Association has released its Payments Manifesto 2025, which calls for the UK government to implement 66 policies recommended by payments professionals.
The manifesto outlines several key recommendations across various areas of fintech, including regulation, ESG, financial crime, inclusion, and open banking.
Lord McNicol of West Kilbride, House of Lords, who wrote the foreword, commented: “There is a great need in the UK to tackle issues such as economic crime while increasing financial inclusion. Meanwhile we should be taking advantage of new technologies such as digital currencies. The Payments Association’s Manifesto shines a light on the key issues we need to address for a stronger UK.”
Riccardo Tordera, director of policy and government relations, said: “We’re dangerously close to a stage where the US and the EU are moving ahead of the UK with regards to digital currencies. It’s our greatest hope that the government takes our policy recommendations on board and take advantage of the growth opportunities afforded by this technology. We certainly don’t want to see the UK fall behind in the realm of payments, having led in this space for so long.”
The highlights of the manifesto include:
- Developing robust digital verification frameworks and expanding regulations to include social media and AI-driven analyses
- Reduce APP fraud through data sharing enhancements
- Promote further financial inclusion by diversifying payments services, expand cash accessibility
- Accelerate adoption of open banking and reduce cross-border payment costs
- Establish regulatory frameworks for digital assets and stablecoins
- Promote sustainable payment products and practices
- Regulators such as the FCA and PSR should push forward innovation and competition in the sector
Tony Craddock, director general of The Payments Association, stated: "It’s time that the UK set out to grow and modernise our payments infrastructure to maximise its economic potential while ensuring consumer protection.
“For that to be the case, it’s vital to ensure the new infrastructure and legal system underpinning it is appropriate, aligned to the vision, adaptive to change and supportive of the common goal of enabling economic growth and stability in an inclusive, liberal society."