High street banking giant Santander UK has issued a stark set of ten demands to the Labour government, urging immediate action to safeguard consumers and overhaul the nation's payments landscape. The call comes as the bank's own research reveals that fraud prevention and consumer protection are the public's top priorities for the future of how we pay.
Public Trust and Current Payment Habits
The findings from Santander's 'Transacting Tomorrow' report paint a clear picture of consumer sentiment. While 70% of people believe the current payments system serves them well, there is a strong desire for enhanced security. A significant 60% of consumers back existing money-back guarantees, highlighting the value placed on protection.
When it comes to daily spending, traditional methods still dominate. Debit cards are used every day by half of all consumers, while credit cards remain the preferred choice for larger, protected purchases. The adoption of newer technologies is mixed: 25% now use mobile wallets most frequently, yet 63% are very unlikely to use cryptocurrencies for payments. Furthermore, 55% of the public have heard nothing about the proposed digital pound, indicating a major awareness gap for central bank digital currencies.
The Ten-Point Blueprint for Change
Santander's report outlines a comprehensive ten-point plan for policymakers, regulators, and the financial industry. The aim is to create a payments ecosystem that is secure, innovative, and sustainable. The key priorities include:
- Putting customers at the heart of all strategy.
- Making commercial viability a core part of innovation.
- Renewing the UK's critical payments infrastructure.
- Proactively designing fraud out of the system.
- Focusing on tokenisation over retail CBDCs in the short term.
- Empowering regulators to actively drive innovation.
- Building and maintaining public trust.
- Streamlining oversight of the payments landscape.
- Protecting the proven strengths of card payments.
- Ensuring the government maintains a clear leadership role.
A Call for Unified Action
Paul Horlock, Chief Payments Officer at Santander UK, emphasised the collective responsibility. "As our data shows, banks remain the most trusted advocates in driving change and shaping consumer behaviour," he stated. "We must take these responsibilities seriously."
Horlock called for a united front, stating that the entire ecosystem—from government and regulators to banks and fintechs—must collaborate. The goal is to build a model that meets consumer demand, protects users, and ensures new ways to pay are commercially sound.
He stressed the need for a holistic government strategy that recognises the vital role payments play in economic growth. "A more pro-innovation stance from regulators is essential," Horlock argued, adding that "public political backing for that stance is vital if the UK is to stay ahead globally." The ultimate objective of Santander's ten priorities is to create a payments system that drives UK growth, protects consumers, and maintains the country's position at the forefront of global financial innovation.
