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:
Improving awareness, understanding of, and trust in digital payment options by
using consistent terminology to raise familiarity and confidence
encouraging comparison amongst services, their prices and features
Tackling barriers to new payment solutions by
supporting development of new digital services, features and functionalities
improving consumer experience
building trust and confidence by addressing fraud risks
incentivising performance of open banking interfaces
enabling the use of digital identity
Reducing digital exclusion by addressing
Insufficient access to digital and financial infrastructure
Inadequate digital skills
Lack of financial capability
Putting better data in place to monitor and inform on the transition to digital payments