A Payments UK spokesperson said: “We welcome the Payments Systems Regulator’s (PSR) publication of its ‘Interim Report: Market review into the ownership and competitiveness of infrastructure provision’ and we will be responding to it in due course. 

“One of key reasons the economic regulator was set up was to review competition in the infrastructure. The current arrangements have and continue to serve the UK well and, as acknowledged by the regulator “the payments industry has evolved at a steady pace”. However, changes in technology, customer payment needs and an evolving payments industry makes the time right to review what is going to serve the UK’s best interests in the future. 

“The payments infrastructure is a critical part of the UK economy and it is vital that the optimum outcome is secured for the UK and that unintended consequences are avoided. Through our World Class Payments work we have developed a vision of the future that proposes simplification to support competition, innovation and to deliver new customer benefits, and we have also led the work to develop international standards to support these goals. Our work should facilitate and support whatever the regulator decides.”

Interim Report: Market review into the ownership and competitiveness of infrastructure provision is available to download here​.