Government’s National Payments Vision to bolster UK’s competitiveness on global stage

Commenting on the National Payments Vision as set out by the UK Chancellor, Vijay Ray, associate director at RSM UK, said: “The government’s payments vision represents a pivotal moment for the UK’s financial infrastructure. It validates the importance of the payments industry and its role in bolstering the UK’s competitiveness on the global stage, as well as its contribution to economic growth.

“Payments are the invisible infrastructure that can power growth in the UK. The vision is a clear signal of the UK’s commitment to maintaining global leadership in the fintech industry, and provides a roadmap for innovation in the sector through collaboration between government, regulators and industry. 

“While ambitious, if executed well, this vision could be the catalyst for payment services driving growth in the UK financial services sector. However, the challenge is ensuring momentum continues, and key parties work together to drive the vision forward rather than letting it fall by the wayside.”