The Payment Industry Environment

The Payment Industry Environment

Payments are an essential part of everyday life, which underpin all forms of economic activity, and affect everyone – as individuals and businesses. 

We all make a variety of payments every day with the expectation that these payments are secure and reliable. Most consumers are unaware of what happens behind the scenes, but, by their very nature, payment systems require a high degree of co-operation by numerous different stakeholders for a payment system to function. 

The UK payment industry environment can be broadly categorised into five payment types: 

Cash

Banknotes and coins

Bulk electronic payments

Direct Debits
Bacs Direct Credits
Standing orders

Phone and online banking payments

Faster Payments

Standing Orders

High-value payments

CHAPS Sterling

Card-based instruments

Debit cards

Pre-paid cards

Contactless cards
Credit cards
Charge cards

Paper-based instruments

Cheques and paper credits

 

Further information on these payment types can be found under Types of Payments. 

Compared with other countries, the UK payments market is categorised by high proportions of electronic and card payments. Whilst the vast majority of payments are made between UK counterparties, payments to and from Europe and the rest of the world are steadily increasing. The UK payments industry works with equivalent bodies in Europe and globally to improve the prominence of cross-border payment services. 

Further Information:

  • Payments Integrity                                                                 Payments Council plays a key role in protecting and enhancing the integrity of the payments systems we use; to ensure the operational efficiency, effectiveness and integrity of payment services in the UK;
  • Industry Standards                                                                            A central source of expertise is maintained at industry level to develop Standards and procedures, to support the work of the individual payment scheme Clearing Companies, The UK Cards Association and individual banks and building societies that make up the UK payments industry;
  • IBANs                                                                                      IBANs standardise the identification of bank accounts. 
  • Payment Fraud                                                                        Information about payment fraud including facts and figures, and helpful tips and advice on ways to prevent it.
  • New Technology
    Supporting and encouraging the establishment of new payment services

                                                                  

Latest News