The PSR Strategy Update

In 2022 we set out a strategy that outlined our outcomes, priorities and what we wanted to achieve over the next five years.

At the midpoint of delivering our strategy, we carried out a review to ensure it continues to have a positive impact on payment systems. The review reflected extensive engagement with stakeholders, trends in payments – both at home and abroad, the Government’s growth mission, and the impact of the National Payments Vision (NPV).

A strategy update was published in January 2025 and sets out the three core commitments that the PSR will focus on for the remainder of the strategy term. These are to:

1. Complete the important work we have underway that is protecting users and promoting competition and innovation.
2. Drive forward, with the Bank of England, work to upgrade the Faster Payments system, and reform of Pay.UK, as well as assess long term retail infrastructure needs.
3. Sharpen our focus on competition and innovation in payments systems, supporting economic growth and enabling the ecosystem of the future.

As we deliver these commitments we will continue to work closely with the industry, consumers, businesses and other regulators.