5
Feb
2024
Watch
Instant payments in euro (debate)
Madam President, (start of speech off mic) ... the speed, ease and availability of instant payments on apps like Revolut and Monzo have been welcome, but the legislative proposal does not include any considerations regarding the prospective energy consumption and possibilities to ensure energy efficiency if the use of instant payments is increased. While instant payments can enhance financial inclusion, ensuring that vulnerable populations have access to these systems without compromising their security or privacy remains a concern. I am also worried that increasing the uptake of IPs will also most likely reduce the will to maintain the ever—decreasing funding of infrastructure for cash payments. Cash is still the most inclusive means of payment. There are no hidden charges when paying with cash and it provides the highest degree of independence and protection available from the private banking sector. Cash is still king, and I hope it stays that way.