The Payments Innovation Forum (PIF) recently convened its AGM, an event that underscored the organisation’s role as an architect of the UK’s payments future. Its Executive Director, Diane Brocklebank, noted that as a not-for-profit body, PIF is uniquely positioned to bridge the gap between high-growth payment firms and the regulatory frameworks governed by the FCA and the government. The day was structured around four transformative workstreams: Cross-Border Payments, Public Sector Resilience, Agentic Commerce and the evolution of B2B Travel.
The Friction in Global Value Exchange
Scott Dawson, CEO of DECTA and a member of the PIF Board, led a critical examination of the current state of cross-border payments. He noted the irony that while the UK possesses one of the most advanced financial setups globally, the efficiency of moving money across borders remains a persistent and frustrating challenge. He observed that cross-border transactions are still notably slow, expensive and lack transparency.
Scott pointed to the G20’s ambitious goal of settling 75% of cross-border transactions within one hour of initiation. However, he bluntly stated that the industry is not meeting this target, describing current results as modest at best. His introduction paved the way for a deeper exploration into whether emerging technologies could finally solve these long-standing frictions.
Stablecoins: The Great White Hope?
Building on Scott’s introduction, Sophia Furber, Fintech Research Analyst for S&P Global Market Intelligence, provided a data-driven look at the potential for stablecoins to transform international trade. She posed the question of whether stablecoins are the great white hope for faster, more secure and more cost-effective payments. Her conclusion was that they are, to an extent, but with significant caveats.
Sophia highlighted that stablecoins can perform functions that traditional rails cannot. However, her research revealed a major gap between technological potential and real-world adoption.
Despite the technical potential of stablecoins, Sophia highlighted a significant gap between their capabilities and real-world adoption, beginning with a notable lack of consumer familiarity. Findings from a recent S&P Global survey showed that only 12% of consumers have any familiarity with stablecoins, suggesting that these digital assets are not yet intuitive or accessible to the general public.
Furthermore, perceptions of security remain a major hurdle for widespread use. Despite the advanced technical features of blockchain technology, 45% of consumers still perceive stablecoins as less secure than traditional fiat currency, often citing deep-seated fears regarding fraud and potential scams.
Finally, while stablecoins seemed to reach a point of ubiquity in 2025, their actual market utility remains a work in progress. Implementation is still heavily reliant on traditional financial institutions to provide the necessary trust and custody services, proving that the industry must still bridge the divide between emerging tech and established financial habits.
Strengthening Public Sector Payments
A primary focus of the afternoon was the social impact of payments, specifically how the industry supports the UK’s most vulnerable populations. This session - which captured perspectives from NEPO, Lightning Reach, BNH (Blackhawk Network) and Mastercard, and described as being close to the heart of many members, discussed how the payments ecosystem moves approximately £188 billion annually - around 6.7% of the UK’s GDP - to those in need.
The government’s recent introduction of the £1 billion Crisis Resilience Fund, which replaces the COVID-era Household Support Fund, serves as a pivotal shift in how the state supports citizens in need. To ensure these resources are allocated effectively, PIF is leveraging its non-profit influence to advise the government on disbursement strategies, particularly for vulnerable populations who lack bank accounts or access to modern technology.
The Rise of the Autonomous Payor
Perhaps the most futuristic discussion centered on Agentic Commerce, where experts from Thredd, Mastercard and Monavate explored a three-horizon roadmap detailing the evolution of AI from simple product discovery to fully autonomous execution. In the first stage, known as Product Discovery, AI-enhanced search allows an agent to identify the best product for a user, though the human is still required to complete the traditional checkout process manually.
As the technology advances into the second horizon of AI-Initiated Checkout, the agent takes a more active role by finding the product and initiating the transaction itself. However, a human-in-the-loop remains necessary to provide the final authentication for the purchase. The ultimate goal is the transition to Autonomous Commerce, a future where AI agents are empowered to make independent purchasing decisions and execute payments on behalf of the consumer without direct intervention.
The panel emphasised that reaching this final stage will require the development of new global cryptographic standards. Such frameworks are essential to ensure that every instruction within the chain – moving from the user to the agent and finally to the merchant – is both verifiable and secure.
Resilience in B2B and Travel
The final session focused on the B2B sector, particularly the travel industry, which has rebounded to pre-2020 levels but faces new geopolitical volatility. Industry experts, including from Discover Network/Diners Club International, Monavate, and S&S Payments Consulting, discussed the building of resilience through multi-rail contingency planning.
A major point of friction identified was the acceptance gap in corporate travel. While Virtual Credit Cards (VCCs) offer superior security and data-rich reconciliation, many legacy systems in hotels and airlines still struggle to integrate with them. Sergio Signoretti from S&S Payments Consulting highlighted the 120 million Euro cash absorption managed during the pandemic, proving that flexible, digital-first payment methods are no longer just an innovation but a necessity for business survival.
The AGM concluded with a clear mandate – PIF will continue to be the voice of its members, ensuring that as technology moves toward AI agents and stablecoins, the regulatory and safety frameworks move just as fast.
