The UK must continue to innovate in digital payments

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The story "The UK must continue to innovate in digital payments" was covered 14 hours ago by Financial Times, a news publisher based in United States.

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Financial Times 14h ago

The UK must continue to innovate in digital payments - Financial Times

Quick Summary:

In countries such as India, Brazil and Sweden, people can pay retailers directly from their bank accounts without using cards, and can pay using a mobile phone number or a QR code — allowing even the tiniest businesses to accept payments cheaply.

We need to see greater innovation by banks, including in the UK’s interbank payment rails, to keep pace with the international and technological frontier.

But we are also undertaking exploratory work on a digital version of banknotes — a retail central bank digital currency — as the use and usability of physical cash continue to fall. We have also made great progress in renewing our RTGS service, which will launch in the coming months.