Explore how the United Kingdom is revolutionizing its retail payments infrastructure to create a secure and innovative future.
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Revolutionizing retail payments in the UK
On February 5, 2026, the Payments Vision Delivery Committee (PVDC) announced a strategic initiative to transform the retail payments infrastructure in the UK. This initiative highlights the importance of collaboration between public and private sectors to enhance the payment ecosystem for consumers and businesses.
Central to this transformation is the newly established Retail Payments Infrastructure Board (RPIB), chaired by the Bank of England.
The RPIB is set to play a crucial role in guiding the implementation of the PVDC’s strategy, ensuring alignment with the broader objectives of the UK economy.
By fostering innovation, competition, and security, the RPIB aims to create a resilient retail payments environment that meets the evolving needs of all stakeholders.
Mission and objectives of the RPIB
The primary function of the RPIB is to turn the strategic vision articulated by the PVDC into actionable designs.
Victoria Cleland, Chief Cashier and Executive Director for Payments, will lead this board, reflecting the Bank’s commitment to operational excellence over regulatory oversight. The RPIB members will engage in extensive consultations with various stakeholders, including financial institutions, fintechs, merchants, and consumers, ensuring that the infrastructure aligns with public expectations.
Engagement and communication strategy
Understanding the significance of ongoing dialogue with the payments industry, the RPIB aims to develop a comprehensive engagement strategy. This strategy will include various mechanisms to facilitate communication with industry participants, ensuring their insights are integrated into the design process. The board is dedicated to maintaining transparency and collaboration throughout the development phases of the infrastructure.
Governance and membership structure
The formation of the RPIB includes a diverse group of senior leaders from across the payments landscape. In October 2026, the Bank of England appointed members to the board following a thorough selection process. These members bring extensive experience in retail payments, innovation, and governance, positioning the RPIB to effectively influence the future of payment systems in the UK.
RPIB members will serve a term of two years, with possible adjustments to membership as the project evolves. This flexibility enables the board to respond to changing dynamics within the payments ecosystem while ensuring a wide range of perspectives is always represented.
Key members of the RPIB
The RPIB includes prominent figures such as Victoria Cleland (Bank of England, Chair), Vim Maru (Chair Designate, Delivery Company), and David Pitt (CEO, Pay.UK), among others. This group represents a comprehensive cross-section of the industry, spanning banking and technology firms, ensuring a holistic approach to developing the new retail payments infrastructure.
Subcommittees and their functions
To enhance its effectiveness, the RPIB has established subcommittees, including the Design Authority (DA). This committee is tasked with shaping the high-level design and requirements for the forthcoming retail payments infrastructure. Chaired by a representative from the Bank of England, the DA will ensure that both public policy objectives and commercial considerations are integrated during the design process.
As the project moves into the delivery phase, the DA will adapt its engagement with the RPIB and industry partners, transitioning from initial design discussions to procurement and implementation. This structured approach is essential for achieving a smooth rollout of the new infrastructure.
Engagement forums for broader participation
Alongside the RPIB and its subcommittees, the Bank of England will facilitate three new forums to gather diverse insights from various stakeholders. These forums include the Payments End User Forum, focusing on consumer experiences, the Payments Innovation Design Group, exploring emerging opportunities, and the Payments Academic Advisory Group, fostering discussions on risks and opportunities within the payment landscape.
The RPIB is set to play a crucial role in guiding the implementation of the PVDC’s strategy, ensuring alignment with the broader objectives of the UK economy. By fostering innovation, competition, and security, the RPIB aims to create a resilient retail payments environment that meets the evolving needs of all stakeholders.0
