What is a payment system? Explained.
At the PSR, we're here to make sure that people get the payment systems they need - allowing people and businesses to move payments between each other.
We collaborate with the payment systems operators, payment service providers and others to enable new payment systems to be developed and existing payment systems enhanced. We work alongside other financial regulators such as the Bank of England and the Financial Conduct Authority to foster secure and resilient ways to pay. This means everybody can send and receive payments effectively, within an ever-evolving environment.
Whether it’s by paying a friend on your mobile app, buying your lunch with a card, withdrawing cash from a cash machine, transferring savings online or paying a utility by Direct Debit. We regulate 40 billion payments worth over £92 trillion pounds each year.
*Source: UK Finance (2019)