UK Payments Council Publishes Financial Inclusion Policy
The UK Payments Council has published a policy document that puts financial inclusion at the heart of any debate on major payment system change or payment innovation, in keeping with the commitment made in its ‘National Payments Plan – setting the strategic vision for UK payments’.
The financial inclusion policy has two main principles: a commitment to consider financial inclusion issues when making a major change to a collaborative system – which involves identifying any potential effects of change and any vulnerable groups who will be affected, and then working to lessen any negative impact caused by the change. The second principle aims to ensure that any co-operative payment innovation is designed to be inclusive, so that it is accessible, easy to use, adaptable and intelligently designed.
Paul Smee, chief executive of the Payments Council, said: “Ensuring that payment systems and services meet the needs of all users is the Payment Council’s raison d’être. When developing the priority issues highlighted in the National Payments Plan, we always consider financial inclusion issues, and indeed the recent review of the Cheque Guarantee Card Scheme complied with all the requirements found in this policy document. The Payments Council is proud to promote financial inclusion and this policy document is testament to our commitment to ensure that the payment needs of disadvantaged sections of society are fully considered as we drive forward change in payments.”