UK payments just took a major leap forward with today’s update from the Financial Conduct Authority.
With adoption soaring, and over 15% of Britons already enjoying better payment experiences with Pay by Bank, what's coming next will take Pay by Bank to an entirely new level in 2026.
The UK Payments Initiative (UKPI) is a new company formed by Token.io and other leading firms to expand VRP into new use cases, giving UK consumers and businesses greater choice in how they pay and get paid.
As revealed today by the FCA:
- Before the end of 2025, the UKPI will be formally established to operate a commercial VRP scheme
- In the first quarter of 2026, the first live payments under the UKPI scheme are expected
Following the launch of an initial set of use cases, the UKPI will then work to extend commercial VRP into e-commerce, opening the door to even broader innovation and adoption, in line with the UK’s National Payments Vision.
From hype to how the UK pays: A new chapter of payments is here, and Token.io is proud to be powering it.