Bank of England's Retail Payments Revolution
The Bank of England is overhauling the UK's retail payments system, aiming to replace the outdated Faster Payments infrastructure with a modern, efficient solution. This episode explores the challenges, new strategies, and potential impacts on the financial landscape.
In this episode, Alice and Lewis dive into the Bank of England's ambitious plan to modernize the UK's retail payments infrastructure. They discuss the shift from the outdated Faster Payments system, the role of Pay.UK's failed attempts, and the new strategic direction under Andrew Bailey. The conversation covers the potential benefits of instant account-to-account transactions, the challenges of breaking the Visa and Mastercard duopoly, and the global economic implications. With insights into the procurement process, the role of industry collaboration, and the vision for a digital-first payment system, this episode provides a comprehensive look at the UK's push to keep sterling competitive and drive financial innovation.
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