DUBLIN, Ireland—The Irish government has launched a public consultation on a future national payments strategy (NPS).
“The Department of Finance is leading the development of the NPS with a dedicated team, who are engaging with key stakeholders in the public an private sectors as well as the wider public (both businesses and consumers) to ensure the NPS incorporates input from across society, particularly in relation to the four principles underpinning the work which are access and choice, security and resilience, innovation and inclusion, and sustainability and efficiency,” Engage stated.
According to the news outlet, the overarching aim of the NPS is to enhance and build public trust in, and the effectiveness of, the payments system.
Engage added the last national policy in this area was set out in the National Payments Plan (NPP) in 2013.
‘Period of Significant Change’
“The consultation paper explains that the Irish and European payments landscape is currently undergoing a period of significant change and rapid innovation, with new market players and business models providing a range of innovative services,” Engage stated. “The pace of change was increased by the COVID-19 pandemic, which not only changed people's habits but also accelerated existing trends such as the shift to digital payments.”