Brussels, 07/06/2013 (Agence Europe) - New types of payments from bank accounts using electronic technology exclude the most vulnerable sections of society, revealed a study in five countries, the United Kingdom, France, Italy, Poland and Sweden, commissioned by the European Foundation for Financial Inclusion (EUFFI).
The research was unveiled at the European Parliament on Wednesday 5 June in the presence of EU Internal Market Commissioner Michel Barnier and German MEP Evelyne Gebhardt (S&D). It shows that it has become more expensive or difficult to make payments using traditional methods, such as cash
Jim Murray, the president of EUFFI, said that the excluded were not a homogenous group and anyone could find themselves joining their ranks. The research looked, however, at five categories of vulnerable people - the disabled, people in great debt, people on a low income, the elderly and immigrants, each of which faces different problems vis-à-vis the new payment systems. Problems may be encountered, for example, at the interface (the internet, for example) or cashpoints (ATMs) which tend not to be adapted for people with bad eyesight or be accessible to people with reduced mobility.
The research points out that it is difficult to take a full part in society without a bank account because pay and pensions tend to be paid into bank accounts. Payment in cash is not accepted in all countries - public toilets in Sweden do not accept cash. And where cash is accepted, there is sometimes an extra charge - of up to €85 in Sweden!
Gebhardt said a basic bank services and traditional payment methods, such as cash or paper transactions, should be made a universal right. Murray said that the research should now be extended.
Barnier said that the Commission was learning lessons from the crisis and regulating the financial markets. He said a regulation was needed to encourage inclusion and mentioned the legislation unveiled last month to give access to a bank account, increase transparency and comparability about bank changes and make it easier to move to another bank (see EUROPE 10841 and 10843). (EL/transl.fl)