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Regions / Europe

Newsletter November 2013: UK shakes up its payments system

Simon Turmaine | November 11, 2013

LONDON - In a bid to shake up the UK payments system, the UK Treasury announced last month it would create a new regulator to oversee the country’s £17bn-a-year non-cash payments industry. The new Payments Systems Regulator (PSR), pending an official name, will have a remit of opening up competition and dealing with payments monopolies that prevent entry of new players. The objective is to promote “payment innovation, quality and efficiency”.

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