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Ron Delnevo's Blog
Ron Delnevo's Blog
Blogs » Ron Delnevo's Blog

ALL Payment Schemes Need Independent Directors

The recruitment advertisement that appeared in the most recent edition of the Sunday Times speaks volumes for the inherent bias of the UK Payments Industry. The ad trumpeted "Independent Chairs & Directors (required) for systemically important UK Payment Schemes". 

The three payment schemes covered by the ad were Bacs, Faster Payments and CHAPS.  These schemes report into the UK Payments Council.

Hold on a second, though.
WHAT HAPPENED TO CASH?????!!!!!!!!

Cash accounts for well over 50% of ALL transactions in the UK.
Over 70% of ALL cash used in the UK passes through LINK.
LINK reports into the UK Payments Council.

YET THE UK PAYMENTS COUNCIL IS APPARENTLY NOT RECRUITING INDEPENDENT DIRECTORS FOR LINK.

The reason? Simple. The UK payments industry in the main does not enjoy the popularity of cash. Many big players, some banks included, would like to "magic" cash away, so that cards, which make issuers tasty profits, can have everything their own way.

When I was a Director of the UK Payments Council, I was a huge supporter of cash. I have to say it was not easy or pleasant, because I was effectively a lone voice.

Why support cash?
FREEDOM; INDEPENDENCE; EMPOWERMENT.

Try those concepts for size and you will go a long way to grasping the importance of cash, all around our mainly impoverished planet.

The marketing concept of "product life cycle" simply does not apply to cash. It has been in use from around the time that Romulus and Remus are said to have founded Rome (many years BC, though R&R didn't know it at the time) and shows no signs of flagging.
85% of all payments made worldwide today are still made using cash.

The UK Payments Council has failed to listen, not just to me, but, much more importantly, to the voices of the British Public. The Public love cash and want it to be universally available and accepted.

So the next advertisement placed by the UK Payments Council in the Sunday Times needs to trumpet something different.


How about:
"LINK, the payments scheme responsible for putting 70% plus of the cash into the hands of the UK Public, requires strong Independent Directors. The Directors selected will have the honour of ensuring the UK availability of the World's most popular product, with over 2500 years of continuous service to the people of our planet".

NOW THAT ADVERTISEMENT IS GUARANTEED TO GET A BUMPER RESPONSE!





















 

Wednesday, 23rd January 2013

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