Council throws weight behind e-payments

The Payments Council has unveiled the first national plan for UK payments, providing a strategic framework for payments innovation and change over the next decade.

The National Payments Plan, "Setting the strategic vision for UK payments", also summarises the results of the public consultation launched on 26 November 2007, finding a move to electronic systems will be key, not only to meeting the needs of all users, but in bringing benefits to the economy as a whole.

The Plan covered current payment methods such as plastic cards, cash and cheques and also reviewed the next wave of innovation in payments, fraud and security, and consumer education about payments.

Brian Pomeroy, Payments Council chairman, said: "Our plan has been developed with input and ideas from consumers, small and medium-sized enterprises and large corporates and we have been delighted with the degree of consensus which our consultation revealed. "

In particular, it said there is broad industry agreement that the use of cheques decline is in long-term decline. But the suggested 2018 date for rolling up its processing systems still needed extra discussion to ensure alternative forms of payment would be available to users.

In response, it said the future of mobile payments innovation would have a key role to play here, in offering viable payment alternatives to all sections of society.

And, while cash was agreed by all to remain the dominant form of payment for the foreseeable future, it would to establish a new scheme for online payments.

At the same time, contactless and prepaid cards were welcomed, but acknowledged to be in their early stages of development. While the council said it would draw up a plan to bring credit, debit and cross-border payment schemes in line with European standards like the single European payments area (Sepa) by 2009.

"We are confident that our vision for payments over the next decade strikes a chord with both the payments sectors and its users, with an emphasis on innovation, efficiency and integrity," said Pomeroy.

The UK payments trade body Apacs broadly welcomed the plan and told IT PRO it would work with the Payments Council to support its development and implementation in coming months.

The Payments Council is the strategic body for payments in the UK and was established with the support of HM Treasury to ensure that UK payment systems and services meet the needs of users, payment service providers and the wider economy.

A full copy of the National Payments Plan is available from its website.

Email to a friend

Print this page

Social Bookmark this article: What is this?

Digg

Delicious

Reddit

StumbleUpon

Slashdot

Google

Facebook