A Payment Choice Act

What should a UK Payment Choice Act include?

What should a UK Payment Choice Act include?

The Payment Choice Alliance has made clear our stance that the UK public must have right to use their cash when and where they choose to do so.

For the Alliance, a UK Payment Choice Act which requires the acceptance of cash for in-person payments - including vending/ticket machines - would deliver what the UK public require in terms of Payment Choice.

Any legislation will naturally need to include sanctions for non-compliance with the law. However, the vast majority of organisations are expected to readily acknowledge that this new measure is very much in the public interest and comply without reservation.

Where Payment Choice laws have been introduced around the planet, what is covered varies, but in every case the public’s right to use cash is at the heart of the legislation. The UK Payment Choice Act needs to mirror that focus.

However, one variation worth mentioning is the setting of an upper limit on cash acceptance.

The European Council recently approved a €10,000 upper limit per transaction for cash payments, though some European countries have set their own higher or lower limits.

The Payment Choice Alliance is content with the upper limit set by the European Council. In practice, a similar limit in the UK - £10,000 - would safeguard the Payment Choice interests of 99.9% of the UK public.

Any legislation which safeguards the interests of 99.9% of the UK public would deserve an unreserved welcome.

The Payment Choice Alliance looks forward to wholeheartedly welcoming the UK Payment Choice Act 2023.

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