Bradley Earnshaw, a senior policy adviser for the British Digital Council and former minister of the civil service, writes that the ability to pay money over an online payments system is invaluable to the online economy.
“Some good old American operators are waiting in the wings,” writes Earnshaw, quoting a British press report. “It’s a market desperate for new entrants and competitors.”
He points to PayPal, which has been in the U.K. since 2004, and says there is a “profound case for regulatory changes” to help PayPal. Earnshaw is concerned about the risk to U.K. consumers, “who pay credit cards by direct debit or from an internet bank account using online payments systems.”
Payments systems are a vital part of online commerce. But they are threatened by price competition, regulation, and the potential for fraud. Online payment systems, including electronic wallets, are arguably the most important digital asset owned by individuals.
Bradley Earnshaw is an Executive Committee member of the Digital Policy Alliance, the international arm of the U.K.’s Digital Commission, and is a policy adviser for the British Digital Council.
Header image credit: Matthew Elliott
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