Innovation in UK consumer electronic payments: A collaborative study by Ofcom and the Payment Systems Regulator

13 November 2014

This document has been produced jointly by Ofcom and the Payment Systems Regulator (PSR) to provide an overview of non-bank and collaborative financial sector-led innovations in UK payments and the communications technologies that enable them.

Take-up of new communications technologies can help to enable innovation in the UK payments sector; for example, take-up of smartphones can enable financial services firms to launch new payments innovations. As such, the payments industry is a mutual topic of interest for both Ofcom and the PSR, and this study is an example of regulators working closely together on an area of shared focus.

Over the course of a two-month period between April and June 2014, we held discussions with communications firms, prominent non-bank financial services firms, and the developers of recent collaborative innovations. This provided information on the incentives and challenges facing innovators and the benefits that innovations can bring to consumers and merchants. The research in this document is based primarily on these meetings.

This document will be used by Ofcom and the PSR to inform their future work programmes. It does not contain any policy recommendations. We hope that it will be useful to stakeholders in the communications and financial services sector and policy makers, helping them understand this complex and dynamic sector.

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