Westminster eForum

Since lockdown, we have been organising our full programme of conferences online. We will continue online until further notice, to ensure we play our part in helping our employees and delegates to remain safe during this time. We are pleased that so many key stakeholders, policymakers and other interested parties - both old friends and new delegates - are taking up the opportunity to discuss public policy issues and network at our impartial seminars. New events are coming on to our conference programme all the time. So there are plenty of opportunities for you to join us if you haven’t already, from wherever you are. For booking-related queries, or information on speaking, please email us at info@forumsupport.co.uk or contact us using one of the following numbers: +44 (0)7538736244 / +44 (0)7503591880 / +44 (0)7951044809.
For delegates already booked on, we will send you the online joining instructions (including links, event numbers and passwords) five working days before your conference. If you cannot find these in your inbox please email delegate.relations@forumsupport.co.uk

Next steps for digital payments - innovation, inclusion, regulation and the changing market landscape

Morning, Thursday, 10th June 2021


***Full-scale policy conference taking place online***

This conference will consider the next steps for the UK digital payments sector.


The discussion takes place in the context of a range of developments including the Treasury’s Payments Landscape Review and the Payment Service Regulator’s reviews into consumer safety, as well as the recent raising of the contactless payment limit to £100.


Sessions in the agenda look at:

  • the evolving landscape for digital payments - innovation, adoption, and market dynamics
  • the future of cash - access, financial inclusion, and the impact of the COVID-19 pandemic
  • consumer priorities and market dynamics - competition and choice, and priorities for ensuring security and inclusivity
  • the future for regulation
  • driving innovation - and the implications of changes taking place in domestic and international markets
  • supporting a vibrant payments sector - and the regulatory and delivery challenges for the UK's New Payments Architecture (NPA)

The conference is bringing together stakeholders with key policy officials who are due to attend from HM Treasury; HMRC; the CMA; BEIS; DIT; the Government Legal Department and DfT.


The agenda

  • The evolving landscape for digital payments - innovation, adoption, and market dynamics
  • The future of cash - access, financial inclusion, and the impact of the COVID-19 pandemic
  • Consumer priorities and market dynamics - competition and choice, and priorities for ensuring security and inclusivity
  • Regulatory priorities for the UK payment sector
  • Driving innovation in the payment industry, and the implications of changes taking place in domestic and international markets
  • Supporting a vibrant payments sector, and regulatory and delivery issues for the UK's New Payments Architecture (NPA)

Key areas for discussion:

  • the evolving landscape for digital payments - the impact of developments in regulation and standards on competition, and wider market dynamics in the sector
  • the future of cash:
    • COVID-19 - the impact of the pandemic on consumer attitudes to cash and digital payment services, with many services and retailers moving to digital payments only
    • increasing the contactless payment limit - announced in Budget 2021 following an FCA review, the limit will rise from £45 to £100
    • at a local level - the role of high street banks and community hubs such as Post Offices in supporting access to cash going forward, especially in rural and more remote areas
    • policy - potential impact of Government plans to extend access to cashback and to make the FCA responsible for ensuring the cash system benefits consumers and SMEs
  • key issues for innovation, security and inclusivity:
    • Stronger Customer Authentication (SCA) - impact of implementing this as part of the Payment Services (PSD 2) directive in the UK on consumer experience and the security of online payments
    • consumer experience:
      • whether more needs to be done to improve security, choice and inclusivity for consumers
      • priorities for reviews being conducted by the PSR aimed at protecting consumers who use payment services
    • the Payments Landscape Review:
      • priorities for taking it forward following the recent call for evidence
      • what more can be done to support the sector to respond to developments in technology, consumer behaviour, and to foster innovation
    • promoting competition - discussing next steps, with the PSR market review into the supply of card-acquiring services finding many merchants not pursuing the possibility of savings by shopping around, and either switching or negotiating with their current provider
    • DLTs - the UK regulatory approach to cryptoassets and stablecoins - assessing key themes and responses as the Government consults on new distributed ledger technologies
    • policy priorities:
      • what more action might be needed from policymakers and regulators to support start-ups and SMEs in the UK’s payments and Fintech sector
      • the possible role of a Centre for Finance, Innovation, and Technology, as recommended in the review into the UK Fintech sector by Ron Kalifa
  • regulatory priorities for the UK payment sector
  • the UK's New Payments Architecture (NPA):
    • challenges - how best to address issues for regulation and implementation
    • impact - implications for large retail banks and potential new market entrants

Background to the discussion:

  • HM Treasury’s Payments Landscape Review -with the call for evidence having closed in October 2020, the review is focusing on responding to rapid technology developments and ensuring the UK maintains its status as a country at the cutting edge of payments technology
  • Consultation on delivery and regulation of the New Payments Architecture - launched by the Payment Systems Regulator (PSR) into the future delivery and regulation of New Payments Architecture for interbank payments
  • The PSR plans to bolster protections in payments - PSR launching reviews into consumer protection in interbank payments and authorised push payment scams as part of ongoing work to give greater protection to everyone using payment services
  • Market review into the supply of card-acquiring services - PSR due to publish its final report later this year following its interim report in September 2020
  • FCA confirms the increase in thresholds for contactless payments - also announced by the chancellor in the Spring Budget, the contactless limit will now be set at £100 from £45, and the threshold for multiple transactions is being raised from £130 to £300
  • Payments after the Covid crisis - emerging issues and challenges - a Bank of England speech, which covered the need for payments to be secure and reliable, how people’s attitude to payments has changed over the pandemic, and on the role of central banks
  • Government outlines approach to protect future of cash - including plans to consider offering cashback in shops without the need to make a purchase, and to give the Financial Conduct Authority overall responsibility for the UK’s retail cash system
  • The future of access to cash - ongoing work by the FCA into the future of access to cash, aimed at ensuring consumers can access cash if they need to
  • The Kalifa Review of UK FinTech - the recently published independent report on the UK Fintech sector by Ron Kalifa, which identifies priority areas to support continued innovation in the UK’s Fintech sector

Policy officials attending:

Our forums are known for attracting strong interest from policymakers and stakeholders. Places have been reserved by officials from BEIS; the Competition and Markets Authority; the Department for International Trade; the Department for Transport; the Government Legal Department; HM Revenue & Customs and HM Treasury.


Overall, we expect speakers and attendees to be a senior and informed group including Members of both Houses of Parliament, senior government officials in this area of public policy, as well as other digital payment stakeholders, including banking groups and their advisors, digital automation companies, software and IT developers, business and technology consultancies, economics think tanks, consumer groups, retail business, online service providers, specialist law firms, as well as researchers in academia and higher education, and reporters from the national and specialist media.


This is a full-scale conference taking place online***

  • full, four-hour programme including comfort breaks - you’ll also get a full recording and transcript to refer back to
  • information-rich discussion involving key policymakers and stakeholders
  • conference materials provided in advance, including speaker biographies
  • speakers presenting via webcam, accompanied by slides if they wish, using the Cisco WebEx professional online conference platform (easy for delegates - we’ll provide full details)
  • opportunities for live delegate questions and comments with all speakers
  • a recording of the addresses, all slides cleared by speakers, and further materials, is made available to all delegates afterwards as a permanent record of the proceedings
  • delegates are able to add their own written comments and articles following the conference, to be distributed to all attendees and more widely
  • networking too - there will be opportunities for delegates to e-meet and interact - we’ll tell you how!

Full information and guidance on how to take part will be sent to delegates before the conference



Keynote Speakers

Genevieve Marjoribanks

Head of Policy, Payment Systems Regulator

Tony Craddock

Director General, Emerging Payments Association

Keynote Speakers

Natalie Ceeney

Chair, Access to Cash Review and Chair, Innovate Finance

Jon Maskery

Partner, PwC

Genevieve Marjoribanks

Head of Policy, Payment Systems Regulator

Tony Craddock

Director General, Emerging Payments Association

Chair

Lord Razzall

Speakers

Christina Segal-Knowles

Executive Director, Financial Market Infrastructure, Bank of England

Becky Clements

Director, Payments, UK Finance

Professor Suzanne Rab

Barrister, Serle Court Chambers; Expert Panellist, UK Regulators Network, and Professor, Commercial Law, Brunel University

Sonia Brown

Executive Director, UK Government Engagement and Regulatory Affairs, Visa