Laura WilesThe PSR has considered changes in the payments landscape from consumer, merchant and industry perspectives.
For consumers, the PSR notes growth in digital payments and digital wallets technology. Cards remain the most prevalent method of payment, and although cash use has steadily declined, recent data shows that it has stabilised, indicating that it still meets some consumer needs. In terms of financial crime, the PSR highlights that some consumers may not fully trust digital payments, with fraud continuing to pose a considerable threat for businesses and consumers alike.
From a merchant perspective, the PSR notes that merchants face challenges with payment costs, but value convenience and choice.
The PSR is seeking feedback on key changes and developments in the landscape, and how they have affected individuals or their businesses.