Polar Moment’s Payments Perspective: June 2026

29 June 2026

Polar Moment’s Payments Perspective: June 2026

Payments news from June 2026: The launch of UKPI, the European Payments Initiative, GOV.UK Pay select Adyen and Affirm and Stripe entering the UK's BNPL market all feature this month.

New UK Payment Scheme

The UK Payments Initiative (UKPI) was launched on the 1st of June. It is the first new UK payment scheme since Faster Payments in 2008.

UKPI introduces commercial variable recurring payments (cVRP), enabling businesses to collect automated payments directly from bank accounts via open banking. Consumers approve payments with controls over amount, frequency, and duration.

The FCA sees UKPI as the foundation for Open Banking in the UK. It’s aware that regulation needs to catch up with developments in the industry and aims to be the single lead regulator in this area.

Find out more here:

Person sitting on a bridge overlooking the Austrian alps

European Payments Initiative Gains Ground

Two leading Austrian banking groups, Erste Bank Oesterreich and Raiffeisen, have become shareholders in the European Payments Initiative (EPI). They will be introducing EPI’s instant account-to-account payment solution, Wero, to Austria.

Wero is also entering Luxembourg and the Netherlands, as EPI continues on its mission to establish a European alternative to the major card networks.

Read more: EPI’s Wero Extends to Austria as Erste Bank and Raiffeisen Become Shareholders (opens in a new tab)

Houses of parliament

Adyen Selected to Process for GOV.UK Pay

Dutch payments processor Adyen has been selected to be the new payment services provider (PSP) for GOV.UK Pay’s non-Crown card and pay-by-bank payments.

The GOV.UK Pay platform was created in 2016 to help the public sector to manage their payment services independently, swiftly, and securely. Since its launch, GOV.UK Pay has processed 135 million transactions, with a total value of more than £9 billion.

Find out more here:

Neon sign displaying shop now pay later

Affirm and Stripe Enter UK Pay Over Time Market

Next month, UK businesses using Stripe will be able to offer Affirm’s deferred payment service to their customers. The timing coincides with the Financial Conduct Authority starting to regulate Buy Now Pay Later (BNPL) schemes, such as Klarna.

The partners hope to replicate the success of the offering in the USA. There, Stripe merchants that enabled Affirm saw an average 13.9% increase in revenue per eligible session, and a 21.3% conversion uplift for purchases of $250 or more.

Find out more here: