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  • Writer's pictureDeborah

On May 10 , the Payment Systems Regulator (PSR) Panel published its Summary Report of the Digital Payments Initiative. Considering the multiple factors limiting the use of digital payments, the PSR Panel recommended four main areas to address and enable higher adoption of digital payments:

  1. Improving awareness, understanding of, and trust in digital payment options by

    1. using consistent terminology to raise familiarity and confidence

    2. encouraging comparison amongst services, their prices and features

  2. Tackling barriers to new payment solutions by

    1. supporting development of new digital services, features and functionalities

    2. improving consumer experience

    3. building trust and confidence by addressing fraud risks

    4. incentivising performance of open banking interfaces

    5. enabling the use of digital identity

  3. Reducing digital exclusion by addressing

    1. Insufficient access to digital and financial infrastructure

    2. Inadequate digital skills

    3. Lack of financial capability

  4. Putting better data in place to monitor and inform on the transition to digital payments

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