SUPPORTING PARTNER
The Payments Association’s three key policy campaigns for 2025 Beyond these campaigns
The Payments Association (TPA) remains at the forefront of shaping policies that drive innovation, security and inclusion in payments. This year, we are championing three key campaigns that will shape the regulatory and operational landscape for payments in the UK. 1 Strengthening APP fraud rules Fraud prevention remains a top priority, particularly Authorised Push Payment (APP) fraud rules. Our successful lobbying efforts helped bring about a crucial regulatory shift reducing the proposed reimbursement threshold from £415,000 to £85,000. While this is progress, we continue to push for further change beyond the lowering of the threshold. Two key issues require urgent attention: n Consumer standard of care and the definition of gross negligence: This must be clearly defined to protect consumers while ensuring businesses are not unfairly penalised. n The role of social media in fraud prevention: We were disappointed that the Labour Party, once in power, failed to act on its promise to hold social media platforms accountable in preventing fraud. We will continue pushing for change in this space. 2 Digitalising payment rails and regulating stablecoins TPA has long advocated modernising the UK’s financial infrastructure, and 2025 is a critical year for this transformation. Our second campaign focuses on ensuring the UK leads the way in digital payment rails
and the regulation of stablecoins and crypto assets. The EU’s MiCA (Markets in Crypto- Assets) framework has set a precedent, but it doesn’t address issues adequately and will stifle innovation. As an independent jurisdiction, the UK can develop a balanced regulatory approach that fosters innovation while ensuring stability and interoperability with global markets. The recent policy moves in the United States highlight the urgency of acting now. Stablecoins represent the next generation of digital money, moving beyond traditional e-money by enabling greater programmability of payments. Ensuring the UK develops a robust framework for stablecoins will be vital for its leadership in financial technology. 3 Tackling financial inclusion Financial inclusion has been a cornerstone of our work, and I’m pleased that the government is set to launch its long-awaited Financial Inclusion Strategy. Despite significant progress, over one million people in the UK remain underbanked, according to FCA data. Our focus is on ensuring that fintech and payment providers continue to drive accessibility while balancing the needs of those who rely on cash-based transactions. As the economy becomes increasingly digital, we must guarantee no one is left behind. For instance, we want financial education to become mandatory in school to improve financial responsibility. TPA will continue working with policymakers to create solutions prioritising inclusion and innovation.
In addition to these three core campaigns, we remain active in:
n Cultural risk shift: Promoting responsible risk-taking by fostering an environment encouraging accountability and informed decision-making among consumers. n Open banking developments: Ensuring new structures and governance changes support competition and innovation. n Safeguarding rules: Which have become increasingly restrictive, pushing businesses to consider relocating outside the UK, a trend that must be reversed. n The E-Money Review: Helping shape policies that allow payments
institutions to thrive in a rapidly evolving financial ecosystem.
A defining year for payments 2025 presents a unique opportunity to shape a future-proof payments landscape, as set out by the National Payments Vision (NPV). With these three campaigns – strengthening fraud rules, modernising digital payments, and improving financial inclusion – we are committed to ensuring TPA leads the way in advocating for a fair, secure and innovative payments ecosystem, supporting the government’s objective to deliver growth. https://thepaymentsassociation.org
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