3. Objectives of the NPS

National Payments Strategy: Public Consultation
Closed11 Dec, 2023, 15:00 - 23 Feb, 2024, 23:59

3. Objectives of the NPS

The ToR of the NPS state that, the overarching goal of the NPS is to enhance and build public trust in, and the effectiveness of, the payments system. In developing the NPS, four key principles will guide the work:

  • Access and Choice – promoting reasonable options for consumers and small business.
  • Security and Resilience – of the payments system and system operators.
  • Innovation and Inclusion – future focus that enhances interoperability and inclusion.
  • Sustainability and Efficiency – solutions that have regard to cost / benefit and the environment.

The scope of the NPS is primarily focused on the experiences of, and outcome for, consumers and small business within the retail payment system. Lessons from the NPP, which had a relatively short timeline of three years, suggests that any future payments strategy should cover a longer timeline but be adaptable to changing circumstances. The NPS will therefore likely cover a period up to 2030 as this aligns with current EU legislative proposals already in progress. These EU payment developments include PSR, PSD3 and the digital euro.

 

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