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Understanding and removing the barriers to a cashless society

In July we organised the first Steering Group on the subject of “Moving quickly and responsibly to a cashless society“, which was attended by eighteen senior executives from across the payments industry and the professional services businesses that support them, to discuss the issues around our transition to a cashless society.

The last six months have seen huge increases in the adoption of contactless and digital payments, driven by both consumers’ and businesses’ concerns around health, safety and availability of cash in a post-COVID-19 society. However, some businesses and tradespeople, and some sectors of society, have not moved as quickly to adopt cashless payments, and run the risk of being excluded from an increasingly cashless future.

A range of reasons were cited as to why micro and small-to-medium sized businesses and some people may be slower to adopt cashless payments. These included time to settlement, adoption of bank accounts, budgeting, convenience, security, anonymity, and availability of technology.

With our next Steering Group meeting we want to more deeply understand these issues and the barriers which may exist to helping everyone to take advantage of the benefits of cashless payments. We will be inviting a number of expert speakers on topics of financial inclusion, monetary policy, and banking services for the under-banked to address our Steering Group.

We would like to understand what concrete actions the payments and banking industries may need to take to better support the unbanked, under-banked and technologically disadvantaged, so that we don’t exacerbate financial exclusion.

If you are working for a bank, acquirer, PSP or within the payment space more broadly and have an interest in these subjects, you are welcome to join our Steering Group to discuss the issues around moving to contactless and cashless payments with your peers, and find solutions together.

We’ll be holding this virtually via Zoom on 30th September, between 9am and 11am. If you are interested in being involved, please register your interest below, we’ll be in touch with more details about the event.

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