The National Payments Vision

Overview 

The National Payments Vision sets out the Government’s ambition for a trusted, world-leading payments ecosystem delivered on next-generation technology, where consumers and businesses have a choice of payment methods to meet their needs. Two key foundations need to be in place to deliver this ambition: a clear, predictable and proportionate regulatory framework, and resilient payments infrastructure that supports innovation. 

The Payments Vision Delivery Committee was established to ensure coordination between the regulators and provide a mechanism to facilitate prioritisation decisions on initiatives. 

The  Payments Vision Delivery Committee’s Strategy for Future Retail Payments

On 7 November 2025, the Committee published its Strategy for Future Retail Payments Infrastructure. It sets out the Committee’s strategic outcomes that the future retail payment infrastructure should help deliver, building on the National Payments Vision and taking account of HMT and the Authorities’ objectives for the ecosystem at large. These outcomes will help guide the RPIB in its work. They also support the industry and the wider ecosystem in their prioritisation of investments and other initiatives.

The delivery of next generation UK retail payments infrastructure

On 15 July 2025, the Committee agreed an innovative new model to deliver the next generation of UK retail payments infrastructure, supporting businesses and consumers across the economy. The new model embeds public and private sector collaboration, utilising the right expertise in the right functions to drive transformation. The model also supports short-term activity to enhance resilience and functionality of the existing Faster Payments System, which Pay.UK has been progressing with industry participants.  

The new model resets responsibilities across the ecosystem, with clear roles for the public authorities and industry participants to renew the UK’s retail payments infrastructure and harness the opportunities of next-generation technologies at pace. Pay.UK’s critical role as operator of existing systems will continue.

Further details on the model can be found on HMT's website.

The Retail Payments Infrastructure Board (RPIB) has now been established and more information can be found on the RPIB webpage.

Next steps for the National Payments Vision

We are very grateful for all of the engagement around the new governance model for retail payments infrastructure and look forward to continued engagement with the sector on this important journey. 

Following the publication of the Committee’s Strategy, the key remaining deliverable is the Payments Forward Plan. The plan will set out a sequenced plan of initiatives across the payments ecosystem including initiatives in both retail and wholesale payments, and the role of digital assets.