The Payments Association, the trade body representing the UK payments industry, has launched its Payments Manifesto 2026, calling on regulators to remove barriers to digital innovation and demanding greater accountability from Big Tech in the fight against fraud.
Launched at the House of Commons, the manifesto—titled Making Britain a Payments Powerhouse—outlines 77 policy recommendations crowd-sourced from over 150 industry professionals. The document argues that for the UK to retain its status as a global leader, payments must be treated as “strategic national infrastructure.”
Unlocking the digital economy
One of the manifesto’s most forceful recommendations concerns the regulation of digital assets. The Association explicitly calls for the Bank of England to “stop stifling progress” regarding stablecoins, warning that current restrictions risk leaving the UK behind in the global digital finance economy.
Specific technical demands include the removal of holding limits on systemic stablecoins, improvements to the backing assets ratio, and the lifting of the wholesale ban.
Riccardo Tordera-Ricchi, director of policy and government relations at The Payments Association, commented on the urgency of getting the regime right: “On inclusion, we must better grasp the opportunities offered by digital money and first get the stablecoins regime right. We are still far from it. But we applaud the government for including financial education in its financial inclusion strategy.”
Big Tech must share the burden
Financial crime remains a top priority, with the manifesto advocating for a stricter National Fraud Strategy. The trade body insists that social media companies and telecommunications providers must bear more responsibility for reducing fraud, rather than the burden falling disproportionately on payment service providers.
“We will continue to remain vocal about how big techs can, should and must collaborate with us to reduce fraud,” said Tordera-Ricchi. “We call for the National Fraud Strategy to mandate its share of responsibilities, too.”
Supporting SMEs and Merchants
The manifesto also highlights the regulatory pressures faced by UK merchants and SMEs. It calls for these businesses to have a stronger voice in regulatory decision-making to ensure they can innovate and adapt to modern payment methods without being overwhelmed by compliance costs.
Ben Agnew, CEO of The Payments Association, said: “If the UK wants growth, resilience and global leadership, payments must be treated as strategic national infrastructure. We have an opportunity to create a payments infrastructure and outcome-focused regulation that drives UK growth; champions fair access and ensures the UK keeps pace with bold moves in the EU, US and Asia.”
The launch event was hosted by David Burton-Sampson MP, co-chair of the APPG on Open Finance and Payments, and featured an address by the Economic Secretary to the Treasury, Lucy Rigby KC, MP, signaling strong political engagement with the sector’s roadmap for 2026.
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