But few are.5 And FPS is not yet used for in-store or online purchases as the infrastructure required at the point of sale does not reliably exist in the UK.6 In these regards, the UK is still a long way behind countries such as Sweden, the Netherlands and India where users can make direct, free and real time bank-to-bank payments in stores and online with a text or a scan of a QR code.7 UK card payments are convenient and they are now the most popular means of payment, but they can cost between 0.5% and 2% of the total transaction value, and it can take three days for the merchant to receive their money.8  2  See: https://www.bankofengland.co.uk/research/future-finance. ONS: Comparing “bricks and mortar” store sales with online retail sales (August 2018). 4 UK Finance: UK Payment Markets Summary (2019). 5 See: https://paym.co.uk/how-it-works/. 6 Particularly the soft infrastructure – such as rules around use and consumer protection. 7 In Sweden, Swish launched in 2012 by the six largest Swedish banks and connects bank accounts to mobile numbers, allowing money transfer in real time and eradicating the need for a card reader. In the Netherlands, iDEAL facilitates direct bank-to-bank payment for online purchases. India uses GooglePay technology to enable direct bank transfers through its Unified Payments Interface, a central platform which connects entities for real-time payment. 8 McKinsey research for Future of Finance Report; and UK Card Association Data.
Enable, Empower, Ensure: A New Finance for the New Economy Speech given by Mark Carney, Governor of the Bank of England Speech at the Lord Mayor’s Banquet for Bankers and Merchants of the City of London at the Mansion House, London 20 June 2019  I am grateful to Jennifer Nemeth and James Benford for their assistance in preparing these remarks, and to Julia Kowalski, Tom Mutton, Varun Paul, Simon Scorer, Oliver Thew and the Climate Hub team for their help with background research and analysis. 1  All speeches are available online at www.bankofengland.co.uk/news/speeches  New Economy – New Finance There’s a new economy emerging driven by changes in technology, demographics and the environment. This new economy requires a new finance. A new finance to serve the digital economy. A new finance with products that are more cost effective, better tailored, and more inclusive. A new finance to support the transition to a sustainable economy. A new finance that balances innovation with resilience. With its leadership in fintech and green finance, the UK private sector is creating the new finance, but your efforts will be more effective with the right conditions in which to innovate and the level playing fields on which to compete. New Finance - New Bank That’s why a new finance demands a new Bank of England. Our strategy is to enable innovation and to empower competition, while ensuring monetary and financial stability.