The Bank of England is working on a payment system that allows consumers to pay retailers out of their bank accounts without using cards, a move that could lower costs for retailers and consumers, the central bank’s deputy governor of financial stability Sarah Breeden said in a speech at the City & Financial Payments Regulation and Innovation Summit.
The BoE has formed a Retail Payments Infrastructure Board (RPIB) comprised of banks and societies, merchants and fintechs, as well as Pay.UK, the existing retail payment system operator, and Payment Systems Regulator colleagues, Breeden said.
UK authorities are focusing on three enhancements they want in the next generation of retail payments in the kingdom: 1) account-to-account payment option in-store and online; 2) seamless exchange of traditional and tokenized money; and 3) improved cross-border retail payments that are faster and cheaper than the current system.
Breeden continued: „Our shared goal is for a resilient, fair, trusted, competitive payment system that supports a multi-money ecosystem (where different forms of money play their own roles and are freely and frictionlessly exchanged at par) – all to serve the real economy.
„To serve new and unknown needs, the next generation infrastructure must be built on principles of extensibility, modularity and flexibility. RPIB is now working at pace on what that infrastructure might look like, as well as the scheme design required to support it. We will publish consultations on these issues in the Spring.”
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