The Payments Council has rebranded itself following the loss of its powers to the Payments Systems Regulator. The association will now be known as Payments UK.
The new association will look to promote competition and innovation across the payments industry. The group will operate differently to its predecessor, as there will be no quasi-regulatory role for strategy setting.
‘‘Payments UK will lead the collaborative drive to ensure that payments in the UK remain world-class, meeting the needs of all those who make or receive them,’’ explains Maurice Cleaves, chief executive of Payments UK.
Payments UK follow an association that has done much for the industry. In March 2014, the Council released Paym, a mobile payments platform that enabled consumers to make transactions using their mobile phone numbers.
‘‘In a matter of years, the sector has been transformed from just a handful of players to many hundreds and the regulatory agenda has changed significantly. Payments UK is set up to enable the industry to navigate through such change,’’ continued Cleaves.
The Payments Council has been focusing on a rebrand for many months, as the utilities-style Payment Systems Regulator (PSR) withdrew all powers away from the council.
‘‘Over the coming months Payments UK will report on the industry’s World Class Payments project, which sets out a vision of what payments of tomorrow could look like if they are built on customers’ needs.’’
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