57.2m people are making digital payments in the UK, which equates to a 3.5% year on year rise (Statistica). But for many cash remains an important part of day to day life, and not all electronic payment firms have sufficient provisions in place to safeguard consumers money. On top of which we now have the WireCard issues in Germany. So is cashless the future or is it all speculation? What are the implications for those in the payments business, for the wider economy, for privacy, and for consumers? The FCA has recently published temporary guidance to strengthen payment firms’ prudential risk management and arrangements for safeguarding customers’ funds. We will explore the issues around payment systems and cash, the implications for consumers and business sectors, what part cryptocurrency will play and how companies should be thinking about a future in which cash might well play a smaller part.
Hosted by international affairs advisor Matthew Kirk, our series of weekly virtual panel discussions address business challenges, commercial risks and legal implications around fast-moving issues of the day.
This Week’s Panellists
We are delighted to be joined for this discussion by Hugh Mullan, senior economist at the Payment Systems Regulator and Paul Anderson, partner in our Global Financial Services team.