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 Committee is also establishing a Vision Engagement Group, to inform and support on the work of the Committee. This will include representatives from across the sector.

Update on the delivery of next generation UK retail payments infrastructure

The Committee has now 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.

Next steps for the National Payments Vision in 2025

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 from the sector on this important journey. 

The Bank, HM Treasury, FCA and PSR are working together to flesh out next steps following the Mansion House announcement. The key deliverables are in H2 2025 will be:

• The PVDC Retail Strategy: The strategy will establish key priorities for next-generation infrastructure, aligning with the National Payments Vision’s pillars of innovation, competition and security and reflecting input from stakeholders across the ecosystem. This will inform the work of the new Retail Payments Infrastructure Board, the Delivery Company and Pay.UK. 
• 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.
• The Retail Payments Infrastructure Board (RPIB): The Bank of England will put out a call for members, ahead of chairing the first Retail Payment Infrastructure Board in late autumn. The Board will have broad representation from across the ecosystem and focus on translting strategy into design.

We thought it would be helpful to set out the key milestones for establishing this model during the remainder of 2025 so that you know what to expect.  

In September:

• The Bank will communicate further on the establishment of the Retail Payments Infrastructure Board (RPIB), and the application process for membership of RPIB.
• The Bank, HM Treasury, FCA and PSR will engage with VEG members in a series of sub-VEG forums to discuss the Payments Vision Delivery Committee’s strategy, which is due to be published later in the autumn.

In October and November:

• We will appoint members to the RPIB with a view to holding the first meeting of the RPIB in late October.
• At this stage, we will also set out an approach to wider stakeholder engagement across the ecosystem for the RPIB beyond 2025, and the processes to deliver an early 2026 RPIB consultation paper.
• The Payments Vision Delivery Committee plans to publish its strategy for retail payments infrastructure. This will inform the early 2026 RPIB consultation paper.

In December:

• In line with the commitment set out under the National Payments Vision, the Committee will publish the Payments Forward Plan by the end of the year. 
• To support this process, there will be further engagement with the Vision Engagement Group throughout the autumn.

Please reach out to RPIB@bankofengland.co.uk if you have any pressing questions in the meantime.