Payments Industry Urges UK Action to Become Global Payments Powerhouse

The Payments Association has called on the UK government, regulators, and technology firms to move quicker and more decisively if Britain is to reclaim global leadership in payments, launching its Payments Manifesto 2026 with a broad set of policy recommendations spanning fraud, stablecoins, regulation, and financial inclusion.

The manifesto, titled Making Britain a Payments Powerhouse, outlines 77 policy proposals developed by more than 150 payments professionals across areas including regulation, financial crime, digital currencies, open banking, ESG, merchant payments, and cross-border transactions. The trade body argues that payments must be treated as strategic national infrastructure if the UK wants sustainable growth and competitiveness.

Among its most prominent calls are stronger obligations on social media and large technology platforms to assist combat fraud, tighter enforcement under the forthcoming National Fraud Strategy, and reforms to the UK’s approach to .

Fraud, large Tech, and National Responsibility

Fraud prevention is a central theme of the manifesto, with The Payments Association arguing that the burden of tackling scams has fallen too heavily on financial institutions, while platforms that facilitate fraud face limited accountability.

Ben Agnew, CEO of The Payments Association, said the document is designed to turn broad policy ambitions into concrete outcomes. “The Manifesto asks for confidence, clarity and collaboration – so that together we can turn policy into progress,” he said.

Agnew added that payments infrastructure should be viewed as foundational to economic growth. “If the UK wants growth, resilience and global leadership, payments must be treated as strategic national infrastructure. We have an opportunity to create a payments infrastructure and outcome-focused regulation that drives UK growth; champions fair access and ensures the UK keeps pace with bold moves in the EU, US and Asia.”

Riccardo Tordera-Ricchi, Director of Policy and Government Relations at The Payments Association, was more explicit about the role of large technology firms and telecoms. “Moving forward, we have two priorities: large techs and telcos to support our industry in fighting fraud and unlocking the potential of digital payments to boost financial inclusion,” he said.

He added: “We will continue to remain vocal about how large techs can, should and must collaborate with us to reduce fraud. We call for the National Fraud Strategy to mandate its share of responsibilities, too.”

Takeaway

Stablecoins and Digital Currencies in Focus

The manifesto places significant emphasis on stablecoins and digital currencies, aligning its recommendations with the government’s stated ambition to create a “secure and effective” regulatory regime for crypto assets.

The Payments Association argues that current frameworks risk leaving the UK behind more aggressive regulatory and innovation strategies viewn in the EU, the US, and parts of Asia. In particular, it calls on the Bank of England to revisit restrictions that it believes limit growth.

Among the proposals are removing holding limits on systemic stablecoins, improving backing asset ratios, and lifting what it describes as a wholesale ban that constrains institutional and wholesale use cases. According to the manifesto, these steps are necessary if the UK is to thrive in the digital finance economy and remain globally competitive.

Tordera-Ricchi linked stablecoin reform directly to inclusion and education. “On inclusion, we must better grasp the opportunities offered by digital money and first get the stablecoins regime right. We are still far from it,” he said. “But we applaud the government for including financial education in its financial inclusion strategy. This is a excellent first step towards a more educated young society.”

The document also highlights the role of and reducing costs for merchants and consumers, while cautioning that regulatory clarity will be critical to unlock investment.

Takeaway

Merchants, SMEs, and Industry–Government Alignment

Support for UK merchants, particularly small and medium-sized enterprises, is another major pillar of the manifesto. The Payments Association argues that SMEs often face disproportionate regulatory burdens while lacking a strong voice in policy discussions.

The document calls for greater inclusion of merchants in regulatory decision-making, ensuring they can innovate, adopt modern payment methods, and manage risk effectively as the payments landscape evolves.

Industry representatives echoed the need for closer collaboration between regulators and regulated firms. Hugo Remi, CEO of Cardaq, said unity would be essential if the UK is to succeed internationally.

“Speaking on behalf of the industry as a regulated member, I strongly believe in the strength of the United Kingdom and its potential on the global stage,” Remi said. “We must unite and stand together—both as a country and as an industry—if we are to be strong enough to succeed.”

He added that support must flow both ways. “The Government and Regulators need recommendations and feedback from market participants, while regulated firms need support from the Government and Regulators to remain competitive, gain a global advantage, and feel confident that the authorities stand behind them as they grow their businesses and contribute to the country’s development.”

Remi also highlighted “so-called ‘friendly fraud’ by consumers against businesses” as an under-addressed issue that should be tackled to protect markets and improve the UK’s attractiveness to investors.

The manifesto launch, held at the House of Commons, was hosted by David Burton-Sampson MP, Co-Chair of the APPG Open Finance and Payments. Burton-Sampson described 2026 as a pivotal year for the sector.

“I am delighted to continue working alongside The Payments Association who are fantastic advocates for connecting and representing the payments industry,” he said. “We enter this year at a key juncture for the industry, with the Labour Government having set out clear direction on the through the National Payments Vision and further guidance through the Financial Inclusion Strategy.”

He added: “It’s time to embrace the future and for industry to work closely with government, the Bank of England and the Regulator to ensure greater alignment and pace so we can benefit from the opportunity that is laid before us. The Payments Manifesto 2026 should be used as a guide to accelerate positive progress.”

Takeaway

With themes ranging from open banking and open and ESG, The Payments Association’s manifesto is intended as both a policy blueprint and a call to action. As the National Fraud Strategy and other reforms near publication, the industry is urging policymakers to move rapidly, align incentives, and ensure the UK does not lose momentum in a rapidly evolving global payments race.