The Payments Association, the trade group representing the payments sector, has launched its Payments Manifesto for 2025, urging the UK government to modernise the payment infrastructure to ensure consumer protection. 

In its new manifesto, ‘Creating the Conditions to Support Growth and Innovation in Payments‘, The Payments Association describes the 66 policies recommended by the 216 payments professionals working across financial crime, regulation, open banking, ESG, cross-border payments, digital currencies and financial inclusion.

The launch, taking place at the Palace of Westminster, will be hosted by David Burton-Sampson MP, with a keynote speech from Emma Reynolds MP, Economic Secretary to the Treasury. This follows the publication of the government’s National Payments Vision and Strategy (NPV&S) late last year. This initiative aims to establish a ‘trusted, world-leading payments ecosystem’ by promoting innovation, competition and consumer protection within the payments sector, which can help the UK regain global leadership in payments and unleash growth.

“It’s time that the UK set out to grow and modernise our payments infrastructure to maximise its economic potential while ensuring consumer protection,” explained Tony Craddock, director general of The Payments Association. “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. Our Manifesto provides the ideal context in which to proceed with this.”

Lord McNicol of West Kilbride, House of Lords, who wrote the foreword to the manifesto, said: “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.”

Is the UK risking falling behind?

Riccardo Tordera, director of policy and government relations at The Payments Association, also 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 takes 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 new manifesto urges the UK government to focus on reducing authorised push payment fraud through improved data sharing, expanding regulatory boundaries to include social media firms and AI-driven data analysis, promoting interoperable dispute management systems, and advocating for robust digital verification frameworks.

It also stresses the importance of ensuring balanced regulation that fosters innovation, competition and consumer protection. The Association urges regulatory bodies like the Financial Conduct Authority and Payment Systems Regulator to prioritise growth and competitiveness alongside their other objectives.

The Payments Association also recommends promoting financial inclusion by supporting digital payments innovation and tailoring payment services to diverse needs, while acknowledging the continued importance of cash.

Hugo Remi, CEO of Cardaq, a payment solution provider and member of The Payments Association, commented: “We were delighted to sponsor this event and look forward to seeing The Payments Association’s policy recommendations implemented by the government for a more intuitive and secure payments landscape.”