A Submission for HMT from Tony Craddock, Director General of The Payments Association (TPA) and Vision Engagement Group member.
Working with UK Finance and Innovate Finance we have adapted the four questions provided by HM Treasury as follows:
- What are the detailed retail payment user outcomes we need to meet?
- What are the priority focal points for short and medium to progress the outcomes?
- Which initiatives, technologies and innovations are key to driving forward these focal points?
- What do we need to unlock progress – on governance, regulation and infrastructure?
TPA’s policies are shaped by our members. Our longer-term policies are articulated in the Payments Manifesto 2025. To generate policy positions outside this democratic process we involve members in answering specific questions. The paper below contains a summary of their responses to these four questions. It also contains a proposed new operating model for the UK’s payments infrastructure in a concluding section.