Moving Money 2025

Report

Contributor articles:

The advance of push payment technology: David G.W Birch, Consult Hyperion

Simplifying payments for consumers: Nick Middleton, Nationwide

The future of payments in retail: David Baker, The UK Cards Association

Diversifying payments for modern ways of working: Sian Williams, Toynbee Hall

Back to the infrastructure (for the future): Chris Dunne, VocaLink

The UK has one of the very few national real-time 24x7 payments system in the world. It could (of course) be better exploited, but very few countries currently have this starting point from which they can deliver the future innovation and benefits for all users. In most cases they are having to invest in establishing this foundation first, before they can even think about building on top of it.

This is a critical point. We are more likely to achieve the aspirational payments innovation set out by contributors to this paper, and that will in future be set out by bodies such as the Payment Strategy Forum (PSF), if we do so by building on the infrastructure that is already in place. VocaLink, which provides significant elements of this world-leading infrastructure is already working to fulfil the future requirements of those that rely on the UK’s payments system, through innovation such as our Payport access solution for challenger banks and FinTech innovators; and our Zapp technology that will allow all with a smart phone to pay directly from their bank account to merchants, retailers, utility companies and many others.

The 40th President of the United States, Ronald Reagan, referred to the original ‘Back to the Future’ film in his 1986 State of the Union address, capturing the positivity of a new presidency and stating that “where we’re going, we don’t need roads”. Similarly with the UK’s payments system we have much to be positive about today; and an enviable platform upon which future ways of ‘moving money’ can be built. 

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Moving Money 2025

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