UK payments overhaul: What you need to know
DeliveryCo is expected to be established (no firm date given) — a fresh, industry-led company to upgrade payment systems and make things smoother for everyone, though implementing the new payments infrastructure will take longer, with the alternative system targeted for launch by 2030.
It's stepping in after the old plan was dropped, with Pay.UK (the folks behind Faster Payments) one of the parties whose delivery responsibilities are to be clarified alongside regulators and DeliveryCo.
New board to guide upgrades
A new board—Retail Payments Infrastructure Board—has been proposed; timing for its formation is to be confirmed to guide how these upgrades roll out across retail payments infrastructure.
The Bank of England will lead the technical work, backed by the FCA and Payment Systems Regulator.
Payments are about to get a lot smarter
The goal: spark more innovation and competition, keep payments safer, offer more choice (and include everyone), plus fight financial crime.
Open banking could hit 16 million users—and live variable recurring payments are finally coming too.
Basically: paying in the UK is about to get a lot smarter.