The Payments Association has set out a number of policy recommendations in its new payments manifesto, including urging social media companies to take more responsibility for fraud.

The trade group, which represents the payments sector, has also called on the Bank of England to stop “stifling” stablecoin progress and instead allow the UK to “thrive globally” in the digital finance economy.

The manifesto sets out 77 policies recommended by over 150 payments professionals working across regulation, financial crime, digital currencies, financial inclusion, Open Banking, ESG, merchant payments and cross-border payments.

The document also looks at current frameworks and procedures that The Payments Association believes are hindering progress.

Along with the call for progress on stablecoins, the organisation said the Bank of England should improve the backing assets ratio and remove the wholesale ban, enabling the UK to “remain competitive” with the rest of the world.

The manifesto also emphasises the need to support UK merchants, particularly SMEs, which often face regulatory burdens.

The Payments Association said SMEs need to have a voice in regulatory decision-making to best innovate, adapt to modern payment methods, and manage risk.

Riccardo Tordera-Ricchi, director of policy and government relations at the Payments Association said the firm’s biggest priorities are getting support from technology firms to fight fraud and unlocking the potential of digital payments to boost financial inclusion.

“We will continue to remain vocal about how BigTechs can, should and must collaborate with us to reduce fraud,” he added. “On inclusion, we must better grasp the opportunities offered by digital money and first get the stablecoins regime right.

“We are still far from it. But we applaud the government for including financial education in its financial inclusion strategy.”

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