Does Payments Innovation Really Need A Regulator To Support It?

To be attributed to San Nakra-Shah, Co-Founder and Managing Partner at ChilliMint Europe Limited

"The payments industry has never been short of ideas. Banks, fintechs and technology companies are constantly innovating and finding new ways to move money, improve experiences and create better propositions. Stablecoins and other forms of digital money are just the latest examples in an industry that continues to evolve."

"So when the Government gives the Bank of England an explicit objective to facilitate innovation in systemic payments, I think it raises an interesting question: does payments innovation really need the regulator's support?"

"Perhaps the answer depends on what we mean by support."

"Government itself has said that payments innovation should be led by the market, with regulators setting clear parameters. I agree. The challenge isn't generating ideas. It's turning them into something that can actually get to market and scale."

"That's where I think the Bank can make a difference. Innovation doesn't need the regulator to come up with the ideas. It needs clear enough rules that businesses understand the boundaries, with enough space inside them to try something new. Not by telling the industry where to innovate or which technologies will win, but by creating the conditions in which new ideas can develop while still protecting the stability we all depend on."

About the author

Santosh "San" Nakra-Shah is the Co-Founder and Managing Partner of ChilliMint, a specialist consultancy and marketing agency focused on payments, fintech, retail banking and financial services.

With more than 25 years of experience across banking, payments and financial services, San is a trusted advisor to payment schemes, banks, fintechs and merchants, helping organisations strengthen their marketing strategy and positioning, engage customers more effectively and bring complex products and propositions to market through clear, compelling marketing and communications strategies.

Before co-founding ChilliMint, San spent 10 years at Barclays in a range of senior roles spanning retail banking, payments, innovation, product development, and customer experience. Her final role was Head of Payments Innovation, where she led the development of new payment propositions and emerging payment technologies. During her time at Barclays, she played a key role in launching several industry-leading initiatives, including text message banking, contactless payments, and prepaid products.

She also led the bank's internal design agency, giving her a unique blend of expertise across product innovation, customer engagement, design and commercial delivery.

About ChilliMint

ChilliMint is a specialist consultancy and marketing agency focused on payments, fintech, retail banking and financial services.

Founded by former banking and payments professionals, the company helps fintechs, banks, merchants and payment providers turn complex products, technologies and industry developments into clear, compelling stories that drive commercial results.

What makes ChilliMint different is the deep understanding of the payments industry. They are fluent across the full payments ecosystem, including card issuing and acquiring, merchant payments, digital wallets, open banking, embedded finance, payment orchestration, fraud and identity, digital commerce, stablecoins and emerging payment technologies. This allows their team to work confidently with product, commercial and leadership teams, creating marketing and thought leadership that is both technically credible and commercially relevant.

With more than 17 years of experience across payments, banking and B2B marketing, they support clients with marketing strategy, proposition development, thought leadership, content creation, customer engagement and campaign delivery. By combining industry expertise, strategic thinking and creative execution, they help organisations strengthen their market position, accelerate growth and communicate with greater clarity and impact.