Which? responds to UK Finance Payment Markets Report

Sam Richardson, Deputy Editor of Which? Money, said:

"It is right that millions of consumers across the country find paying digitally easy and convenient, yet as UK Finance's report shows, there remains a significant minority of people who are not yet ready or able to make that switch, evidenced by an increase in cash payments over the last year. 

"Whether it's to pay for everyday essentials or to keep track of finances amid the worst cost of living crisis in decades, those who still want to use cash should be able to do so - without having to pay just to access their own money. 

"Hard-pressed families are also having to turn to other, unregulated methods of payments. With millions using buy now, pay later providers to pay for items, including essentials, the lack of regulation leaves consumers with significantly weaker protections should something go wrong with their purchase. It is vital that the government stops hesitating over plans to regulate BNPL and does so as soon as possible."

-ENDS-