Gov.uk has replaced Stripe with Dutch provider Adyen (theregister.com)

Article summary

The UK's Government Digital Service has replaced Stripe with Adyen as its payment processor for GOV.UK Pay, a service that allows residents to make payments to local authorities and services. The three-year contract is worth up to £25.3 million and covers around 17% of payments made through GOV.UK Pay. The change will introduce new options, including pay by bank, which transfers money directly between bank accounts using open banking services. This move aims to provide a more efficient and cost-effective payment system for users.

Main themes

• Payment Processing
• Government Services
• Digital Payments
• Financial Technology
• Regulation

What commenters say

• Centralized payment systems can reduce resilience and prevent future innovation, and may be less desirable than decentralized alternatives.
• The US private ecosystem has not lowered costs similarly to other countries due to a lack of regulation and the presence of monopolies.
• Some argue that blockchain-based payment systems, such as Solana, can handle high transaction volumes at lower costs than traditional systems.
• Others counter that blockchain systems are not yet proven at scale and may not be suitable for widespread adoption.
• Regulation can play a crucial role in promoting efficient and cost-effective payment systems, as seen in countries like Brazil and India.
• The high costs of payment processing in the US are seen as a scam, with some arguing that they are used to fund rewards programs and wealth transfer to finance people.
• There are differing opinions on the role of credit card companies and their fees, with some arguing that they are necessary and others seeing them as excessive.
• The introduction of new payment options, such as pay by bank, can provide a more efficient and cost-effective experience for users.