The European Union (EU) has been working to improve access and acceptance of cash through legislation. This is in response to the increasing use of digital payments and the potential exclusion of those who rely on cash for their daily transactions. In this article, we will explore the EU’s efforts to improve access and acceptance of cash through legislation.
The EU’s efforts to improve access and acceptance of cash began with the adoption of the Payment Services Directive (PSD) in 2007. The PSD aimed to create a single market for payment services within the EU and to provide consumers with greater protection when making payments. The PSD also recognized the importance of cash as a means of payment and required payment service providers to ensure that consumers have access to cash withdrawal services.
In 2019, the EU adopted the revised Payment Services Directive (PSD2), which aimed to further improve the security of electronic payments and increase competition in the payment services market. The PSD2 also recognized the importance of cash and required payment service providers to provide consumers with information on the availability of cash withdrawal services.
In addition to the PSD and PSD2, the EU has also adopted legislation aimed at improving access and acceptance of cash. The Accessibility Act, adopted in 2019, aims to improve the accessibility of products and services for people with disabilities. The Act includes provisions on the accessibility of payment terminals, which should make it easier for people with disabilities to use cash.
The EU has also taken steps to address the issue of cash acceptance. In 2018, the EU adopted the Geo-blocking Regulation, which aims to prevent discrimination based on nationality or place of residence when accessing goods and services online. The Regulation includes provisions on the acceptance of cash payments, which should make it easier for consumers to use cash when purchasing goods and services online.
The EU’s efforts to improve access and acceptance of cash are important for several reasons. First, cash remains an important means of payment for many people, particularly those who are elderly, low-income, or have disabilities. Second, the increasing use of digital payments could potentially exclude these groups from participating in the economy. Finally, cash is a legal tender and should be accepted by all businesses.
In conclusion, the EU’s efforts to improve access and acceptance of cash through legislation are an important step towards ensuring that everyone has access to the means of payment that best suits their needs. The PSD, PSD2, Accessibility Act, and Geo-blocking Regulation are all important pieces of legislation that recognize the importance of cash and aim to ensure that it remains a viable means of payment. As the use of digital payments continues to grow, it is important that we do not forget the importance of cash and the need to ensure that it remains accessible and accepted by all.
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