The use of electronic payment systems has risen exponentially in
recent years, and simultaneously, the use of cash has declined.
This trend has been accelerated by the pandemic, and whilst it has
brought many benefits, the greater dependency on and use of
electronic payments have also introduced new challenges and
risks.
Payment Services Regulator
In its Annual Strategy published in January this year, the
Payment Services Regulator (PSR) has clearly set out where the
payments industry is and what its priorities are in seeing it
develop and evolve further.
It has set out a number of desired outcomes linked to its
priorities for the coming 5 years:
- First, it wants payment systems to meet all people's
needs and it wants to ensure users have continued access to payment
services they rely on and to support an effective choice of
alternative payment options.
