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The UK’s Payment Systems Regulator (PSR) has  an updated strategy outlining its priorities for the UK payments ecosystem, building on its 2022 five-year plan. 

The regulator’s goals include strengthening measures to combat authorised push payment (APP) fraud and enhancing competition in the card payments market. 

The PSR has also said that it is also working closely with the Bank of England to upgrade Faster Payments and reform Pay.UK, as well as assessing longer term retail infrastructure needs.

Echoing the UK government, the PSR has said it wants to “sharpen our focus on competition and innovation in payments systems”, so that it can support economic growth and enable the ecosystem of the future, while aligning with the UK’s National Payments Vision, which was outlined in November last year. 

“These core commitments align with the outcomes and priorities that we set out in 2022, while streamlining our activity,” David Geale, the PSR’s managing director, and Aidene Walsh, PSR chair, said in the foreword to the strategy. 

“This, in turn, will deliver real impact and drive towards what we want to achieve for payments. As we take forward our key existing programmes, embrace innovation, support growth and seize the opportunities on the horizon for the UK payments sector, we will also be building out the next strategy for the PSR.”