The payments market continues to develop at pace with many interesting legal, regulatory and industry developments. The last three months are no exception and here’s a consolidated update for Q2 2022.


On 29 June 2022, the Payment Systems Regulator (PSR) published its provisional decision on remedies, as part of its review of the card-acquiring market. In summary, the PSR proposes to mandate three remedies through specific directions given to 14 payment service providers. Find out more by reading our full article accessible via the link above.

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On 20 June 2022, the government published its response to the consultation on the regulation of interest-free buy-now-pay-later lending (BNPL). In summary, the government has confirmed its intention to regulate interest-free BNPL products which currently benefit from the exemption for short-term interest free credit.

The proposed scope of regulation will be wider than originally proposed as it will also capture short-term interest-free credit (STIFC) provided by third party lenders. STIFC provided directly by merchants where it is offered online or at a distance is currently out of scope, but the government intends to consult further on this. Comments from stakeholders are invited by 1 August 2022. Find out more by reading our full article.

Pro-Manchester recently interviewed David Gardner, TLT’s Head of Fintech, to gather our predictions for the sector.

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A common criticism of blockchain technology is that it uses a significant amount of energy, however there are examples of blockchains becoming more sustainable. In this article, we explore some of the issues, the misconceptions and compare the proof of work and proof of stake methods under the lenses of sustainability.

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Our previous articles have been tracking the origins, objectives and progress of the New Payments Architecture (NPA). Read more

The PSR continues to monitor the development of the NPA by Pay.UK, the operator of Bacs and Faster Payments, who is responsible for delivering the NPA and for procuring NPA Central Infrastructure Services to support this.

Earlier in summer, Pay.UK announced that, in line with its NPA programme plan, it is now reviewing bidder responses to the tender process. During the next vendor selection phase, Pay.UK will evaluate those responses and select a supplier that is best equipped to deliver a solution and payments infrastructure satisfying the NPA objectives.

The NPA programme therefore appears on track for concluding the contract and commencing the build later this year, and we will continue tracking progress over the coming months.

Apple has recently announced its plans to enter the BNPL market with Apple Pay Later in the USA. Find out more in our article

Written by

Alex Williamson

Alex Williamson

Date published

25 July 2022


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