Bank of England Calls for Accelerated Digital Payment Innovations as Cash Transactions Fall

The Bank of England (BOE) is pushing UK banks to accelerate the development of digital payment solutions as cash usage decreases. 

In a recent paper, the BOE emphasizes the need for innovations that enable direct bank-to-bank payments, eliminating the need for credit and debit cards to reduce costs and save time. The central bank is also working on a central bank digital currency (CBDC), with a decision on its implementation expected by 2026. 

Sarah Breeden, BOE’s deputy governor for financial stability, stresses the importance of advancing the UK’s interbank payment systems to maintain global competitiveness.

Clever Robot News Desk 1^st August 2024