Our survey results suggest that concerns about fraud are impeding the take-up of online payments. This may also become an issue for mobile payments. A question for the Strategic Review is whether there is a need for increased coordination and co-operation on fraud issues. Finally it’s worth saying that, more important than any of these individual issues is the overarching environment for innovation.
I made the distinction at the start between proprietary and system-wide innovations. Our focus in this review is very much on the second one of those. This is the area that needs the most careful attention from a publicinterest perspective, because it requires a degree of co-operation amongst industry competitors that might not otherwise happen efficiently.