Source · Select Committees · Treasury Committee
Recommendation 123
123
Acknowledged
Other countries are exploring diverse, interventionist approaches to cash access and acceptance.
Conclusion
We note that this debate is being conducted in other countries, and more interventionist approaches are being considered than is currently acceptable to the UK’s Government. We note with interest the range of approaches to cash in these similar countries, including the approach taken by the European Union and Australia which explicitly sets cash acceptance as inextricably linked to cash access. Other countries have focused on providing digital solutions to some of the issues posed by the decline in cash usage and acceptance, such as Singapore’s MyMoneySense platform and state-backed payment systems such as UPI in India and PIX in Brazil, which lower costs for merchants. (Conclusion)
Government Response Summary
The government agrees on the importance of monitoring international approaches to cash access and states it already continually monitors global payment trends and will continue to assess developments in other countries to inform future policy.
Government Response
Acknowledged
HM Government
Acknowledged
The Government agrees it is important to continually monitor the impact of how cash access is being tackled internationally, recognising it is not alone in experiencing a decline in cash use and that measures used abroad could offer valuable learnings. The UK benefits from strong relationships with countries around the world and will continue to use these relationships to monitor global payments trends. The Government keeps relevant international data under review, using it to monitor trends and inform future policy decisions. It will continue to monitor and assess developments in other countries, including levels of cash usage, cash acceptance and relevant policies.