UK PVDC strategy for future retail payments infrastructure

The Payments Vision Delivery Committee (PVDC) has published its long-term strategy for the future UK retail payments infrastructure, building on the government's National Payments Vision. The PVDC, comprising HM Treasury, the Bank of England, the UK Financial Conduct Authority (FCA) and the UK Payments Systems Regulator, developed the strategy following the Mansion House 2025 announcement of a new model of public and private sector collaboration.

With user needs at its core, the strategy focuses on five high-level strategic outcomes: (i) greater choice of innovative, cost-effective payment options that meet consumers and business needs; (ii) interoperability across a multi-money ecosystem, including new and existing forms of digital money; (iii) strong protections against fraud and financial crime; (iv) fair, transparent and non-discriminatory access for participants to drive competition and innovation; and (v) operational and financial resilience of the payments ecosystem.

Governance and delivery oversight will be led by the newly established Retail Payments Infrastructure Board, alongside an industry-led Delivery Company responsible for implementing the design. Implementation is expected to span several years. The FCA confirms in a statement which has been published on the same day that the strategy will be followed by the "Payments Forward Plan", which will be a sequenced plan of future payments initiatives.

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