The payments sector is vast. In 2018, over 39 billion payments were made in the UK, with a total value of more than £83 trillion. The sector covers money remittance and payment processing firms – and the FCA has recently introduced permissions for account information service providers and payment information service providers to carry out business. Previously the preserve of banks, the government continues to open up the sector, and non-bank players can now have access to the Faster Payments system.
As the payments sector has evolved since first regulated in 2009, the size of firms has become larger. The most successful firms have developed high-level IT platforms that drive their businesses.
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