Announced on July 30 by the Payment Systems Regulator (PSR), the initiative will be carried out by the PSR Panel and focused on four key areas :
Identifying potential purchases or transactions where digital payments could provide a solution to future needs.
Collating relevant evidence from international experience and payment initiation aspects of Open Banking.
Identifying the practical challenges for users and small businesses that could prevent digital payment options being adopted.
Identifying technical and/or regulatory barriers within the PSR’s remit to enable suppliers of digital payment services to develop new payment solutions.
The findings of this Panel-led initiative are scheduled to be submitted to the PSR later this year.