Payment Systems Regulator (PSR)
The Payment Systems Regulator (PSR) is the UK’s economic regulator for payment systems. It promotes competition, innovation, and service quality. It oversees payment infrastructure like Bacs, FPS and LINK. Regulatory consolidation proposals have been discussed, but no formal merger into the FCA has been implemented as of 2025.
Applications
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
E-commerce:
Reduces fraud in online card payments by verifying the cardholder's identity
Advantages
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
- Enhanced security: Reduces unauthorised transactions by verifying that the genuine account holder is authorising the payment
Challenges
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
- User Experience: Additional authentication steps can cause friction and increase checkout abandonment
