UK regulator wants banks to sell their stake in payments infrastructure

PSR believes current system is damaging to competition and innovation

Hannah Nixon: "Our proposals will increase competition"

The UK's Payment Systems Regulator (PSR) believes banks should sell their stake in the country's payments infrastructure, as part of a set of proposals designed to boost competition unveiled on February 25.

The core infrastructure for retail payments in the UK is operated by VocaLink, a private for-profit company owned by a handful of the country's largest banks.

"The evidence published today indicates that the common ownership of this infrastructure provider by this small number of banks is

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