LONDON (Feb 2): The Bank of England (BOE) said on Monday that it will launch a public consultation in the coming months on how consumer payments should work ​in the future, including making it easier for people to pay electronically ‌without using a debit or credit card. Cash is ‌used for less than 10% of payments in Britain while debit and ​credit cards account for nearly two thirds of transactions, making US firms Mastercard and Visa effective gatekeepers most day-to-day financial activity. Breeden said greater competition might lower transaction fees for ⁠smaller retailers — which typically pay four times as much as the largest chains — and ‍provide greater resilience against cyber attacks and other risks. She gave the speech at a conference hosted by financial events company City & Financial Global, and was asked by one audience member ⁠if Britain's strategy echoed ⁠sovereignty and security ​concerns elsewhere in Europe. Any new ‍payment options were unlikely to fully displace debit and credit cards, as other countries such as Sweden, India ​and Brazil had multiple options co-exist, she added.

Source: The Edge Markets February 03, 2026 09:50 UTC