The Bank of England (BOE) has urged UK banks to accelerate the development of their digital payment solutions, as the use of cash is decreasing. A recent BOE report highlights the need for innovation to allow payments to be made directly from bank accounts, bypassing credit and debit cards, thus saving time and costs for consumers and retailers. The Bank of England is developing a central bank digital currency (CBDC), with a decision expected in 2026. Currently, most UK retail payments rely on private banks. Sarah Breeden, deputy governor for financial stability at the Bank of England, has stressed the importance of innovation in the UK's interbank payment system to remain globally competitive.