Wednesday, May 14, 2008

UK's Payment Council Unveils National Payments Plan

The UK's Payments Council has unveiled the first national plan for UK payments - calling it "a strategic framework for payments innovation and change over the next decade."

The National Payments Plan icon_PDF_small.gif was developed after extensive consultation with the payments industry and users and includes statements of principle, specific actions and a number of focused reviews of key issues. The document covers current payment methods such as plastic cards, cash and cheques and also reviews the next wave of innovation in payments, fraud and security, and consumer education about payments.

The Payments Council have published the first national plan for UK payments, providing a strategic framework for payments innovation and change over the next decade. The National Payments Plan - Setting the strategic vision for UK payments also summarises the results of the public consultation which closed on 4th February 2008.

From their website:

Why a National Payments Plan?

In payments, unlike many other sectors, there may need to be co-operation between participants if users are to have full benefit of new developments. The Plan outlines those areas where collaboration can deliver such an outcome.

The Plan will be periodically revised and updated, and is intended to provide a framework for the development of payments in the UK over the next five to ten years.
Co-operative action can be needed:
  • to introduce common standards so that business is made easier to transact;
  • to create a network between participants which maximises the reach of payment services; and
  • to address market inefficiencies.

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