The British government has launched a public consultation on which firms should be supervised by a new consumer payments regulator, in a bid to inject more competition into a rapidly changing sector.
Visa, Mastercard and the main interbank systems such as Bacs, CHAPS, Faster Payments, Link and the cheque clearing system may come under the new Payments Systems Regulator from April next year, according to Reuters.
The new body comes from an attempt to ensure that established payments systems offer access to new entrants on fair terms.
A key focus will be transparency, so that new players can challenge established financial institutions with new, innovative payment options.
The Payments Systems Regulator can even order the owners of the more established systems to break them up or sell them. Over 90 percent of credit and charge card transactions and all debit card transactions in Britain are now made through Visa or MasterCard.
The government said that recent examples of innovation in payments include the ability to pay in cheques digitally using a mobile phone, and the introduction of a current account switching service.
It's banks, not government agencies, that the British people trust to deliver biometric authentication payment services, says a new Visa study.
With less than two weeks to go until the US liability shift hits its first anniversary, MasterCard published new data evidencing the positive impact the technology is having on issuing banks, merchants and consumers, as well as saying adoption continues to grow.
Three years since the public consultation, and a year since the £20 was revealed to be the next note to have a makeover, 13th September marks the day that the new £5 polymer bank note enters into circulation.
Global card payments are growing at twice the rate of the number of cards in circulation as acceptance booms and consumer habits shift away from cash.