PSR discusses barriers to digital payments

On 29 November 2022, PSR held a roundtable discussion about the barriers to digital payments for people who primarily rely on cash.

The discussion focused on:

• the reasons people continue to rely on cash, such as control of spending, trust (particularly in relation to data usage) and tangibility;
• payment cards, such as prepaid cards, which meet cash-reliant consumers’ needs – for example, people can set them up without a bank account;
• more flexible options for paying bills, such as request-for-payment services; and
• providing access for cash-reliant consumers, including helping bank staff to understand vulnerable characteristics, making language clearer and more inclusive, and utilising social media.

Kate Fitzgerald, PSR’s Head of Policy, said that protecting access to cash is a priority for PSR, but they also want to ensure cash-reliant consumers have options for using digital payment services.