Consultation Paper in PDF - here
LinkedIN Posts - here and here
Fintech Ireland Consultation Page - here
Department of Finance Page - here
LinkedIN Posts - here and here
Fintech Ireland Consultation Page - here
Department of Finance Page - here
Minister Michael McGrath TD seeks public’s view on future of #payments through the launch today, 12 December, of a public consultation seeking views on a future National Payments Strategy (NPS) for Ireland.
Minister McGrath said:
“Ensuring Ireland has an accessible and innovative payment system is vital for our society and economy. All citizens should be able to participate fully in all aspects of modern life using digital or cash methods of payment. While technology can enable vulnerable groups partake in society in new ways, it should not exclude them. I want to ensure choice is at the centre of our future payments strategy."
As the trend towards digitalisation continues, we have to ensure that people are not left behind and we must avoid the risk of financial exclusion. We must recognise the important role that cash continues to play in our society and economy, and this is a role I am determined to protect. The public consultation exercise affords interested groups and members of the public to have their say on the future of our payments system, and I would like to hear as many voices as possible.”
The Strategy will set out a roadmap for the future evolution of the entire #paymentssystem, taking account of developments in #digitalpayments, cash usage and how future changes should be made to the legislative criteria relating to Access to Cash.
A key element of the work will be to examine and analyse fraud, which is a critical issue and something that was not considered at the time of the NPP ten years ago.
Further work on #financialliteracy is underway within the Department of Finance Ireland on this issue
The NPS will also look at #cryptoassets, #instantpayments, #openbanking, and what new data needs to be collected on the payments landscape.
The NPS is looking at two inter-related issues: cash access and cash acceptance.
* On access to cash, it will consider the likely evolution of cash usage and how the criteria for reasonable access to cash that will be set out in the upcoming Access to Cash legislation should evolve as cash usage changes in the future. The legislation will calibrate the criteria to ensure that cash access will remain at about June 2023 levels, initially.
* A related issue concerns the need to ensure that cash can be accepted as a means of payment where possible. It will, therefore, look at the acceptance of cash issue and consider, inter alia, if legislation should be introduced to require certain sectors or sub-sectors to accept or facilitate the acceptance of cash; and if it should be policy to require the public service to accept or facilitate the acceptance of cash.
Minister McGrath said:
“Ensuring Ireland has an accessible and innovative payment system is vital for our society and economy. All citizens should be able to participate fully in all aspects of modern life using digital or cash methods of payment. While technology can enable vulnerable groups partake in society in new ways, it should not exclude them. I want to ensure choice is at the centre of our future payments strategy."
As the trend towards digitalisation continues, we have to ensure that people are not left behind and we must avoid the risk of financial exclusion. We must recognise the important role that cash continues to play in our society and economy, and this is a role I am determined to protect. The public consultation exercise affords interested groups and members of the public to have their say on the future of our payments system, and I would like to hear as many voices as possible.”
The Strategy will set out a roadmap for the future evolution of the entire #paymentssystem, taking account of developments in #digitalpayments, cash usage and how future changes should be made to the legislative criteria relating to Access to Cash.
A key element of the work will be to examine and analyse fraud, which is a critical issue and something that was not considered at the time of the NPP ten years ago.
Further work on #financialliteracy is underway within the Department of Finance Ireland on this issue
The NPS will also look at #cryptoassets, #instantpayments, #openbanking, and what new data needs to be collected on the payments landscape.
The NPS is looking at two inter-related issues: cash access and cash acceptance.
* On access to cash, it will consider the likely evolution of cash usage and how the criteria for reasonable access to cash that will be set out in the upcoming Access to Cash legislation should evolve as cash usage changes in the future. The legislation will calibrate the criteria to ensure that cash access will remain at about June 2023 levels, initially.
* A related issue concerns the need to ensure that cash can be accepted as a means of payment where possible. It will, therefore, look at the acceptance of cash issue and consider, inter alia, if legislation should be introduced to require certain sectors or sub-sectors to accept or facilitate the acceptance of cash; and if it should be policy to require the public service to accept or facilitate the acceptance of cash.
The Strategy will set out a roadmap for the future evolution of the entire #paymentssystem, taking account of developments in #digitalpayments, cash usage and how future changes should be made to the legislative criteria relating to Access to Cash.
A key element of the work will be to examine and analyse fraud, which is a critical issue and something that was not considered at the time of the NPP ten years ago.
Further work on #financialliteracy is underway within the Department of Finance Ireland on this issue
The NPS will also look at #cryptoassets, #instantpayments, #openbanking, and what new data needs to be collected on the payments landscape.
The NPS is looking at two inter-related issues: cash access and cash acceptance.
* On access to cash, it will consider the likely evolution of cash usage and how the criteria for reasonable access to cash that will be set out in the upcoming Access to Cash legislation should evolve as cash usage changes in the future. The legislation will calibrate the criteria to ensure that cash access will remain at about June 2023 levels, initially.
* A related issue concerns the need to ensure that cash can be accepted as a means of payment where possible. It will, therefore, look at the acceptance of cash issue and consider, inter alia, if legislation should be introduced to require certain sectors or sub-sectors to accept or facilitate the acceptance of cash; and if it should be policy to require the public service to accept or facilitate the acceptance of cash.
A key element of the work will be to examine and analyse fraud, which is a critical issue and something that was not considered at the time of the NPP ten years ago.
Further work on #financialliteracy is underway within the Department of Finance Ireland on this issue
The NPS will also look at #cryptoassets, #instantpayments, #openbanking, and what new data needs to be collected on the payments landscape.
The NPS is looking at two inter-related issues: cash access and cash acceptance.
* On access to cash, it will consider the likely evolution of cash usage and how the criteria for reasonable access to cash that will be set out in the upcoming Access to Cash legislation should evolve as cash usage changes in the future. The legislation will calibrate the criteria to ensure that cash access will remain at about June 2023 levels, initially.
* A related issue concerns the need to ensure that cash can be accepted as a means of payment where possible. It will, therefore, look at the acceptance of cash issue and consider, inter alia, if legislation should be introduced to require certain sectors or sub-sectors to accept or facilitate the acceptance of cash; and if it should be policy to require the public service to accept or facilitate the acceptance of cash.