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ARTICLE · 03 FEBRUARY 2026

Payment Services And Payment Systems In 2026: Trends, Risks, And Priorities

A&O Shearman
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In this article we explore the changes to the payments landscape, including the upcoming changes to the UK's safeguarding requirements for payments firms, an update on the UK's National Payments Vision and long-term...

United StatesFinance and Banking
A&O Shearman
A&O Shearman
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In this article we explore the changes to the payments landscape, including the upcoming changes to the UK's safeguarding requirements for payments firms, an update on the UK's National Payments Vision and long-term strategy for the future UK retail payments infrastructure, and deferred payment credit (formerly known as buy-now, pay-later). We also discuss the progress of the EU's payments package, as well as developments in open banking and open finance.

UK

National Payments Vision

HM Treasury published its National Payments Vision (NPV), outlining the government's plans for bolstering the UK payments sector, at the end of 2024. The NPV responds to the findings of the independent Future of Payments Review 2023, chaired by Joe Garner (the Garner Review), and addresses key issues across the landscape. In the NPV, the government outlined its priorities for UK payments through a joint remit letter to the Financial Conduct Authority (FCA) and Payment Systems

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