The Payment Systems Regulator (PSR), UK, has welcomed the recently published Digital Payments Initiative report by the PSR Panel. The report, commissioned by the PSR, highlights the barriers to digital payment adoption as well as potential solutions and regulatory actions.
The initiative concluded there are four high-level areas of focus to address to enable greater take-up of digital payments:
- Improving awareness, understanding and trust in digital payment options
- Tackling barriers to new digital payment services and service features, including enabling new functionalities and improving trust by addressing fraud risks
- Reducing digital exclusion
- Putting better data in place to monitor the transition to digital payments.
Chris Hemsley, Managing Director of the PSR said: “Against the backdrop of falling cash use, the PSR Panel’s report highlights an important role for us in the transition to digital payments. Making sure digital payments work for all, particularly those currently reliant on cash, is a key priority for us. Open banking represents a significant opportunity to allow people to make account-to-account payments with ease and in ways that work for them – something we have focused on in both our strategy and annual plan.”
