Saturday, February 24, 2024

Bank of Finland recommends everyone own an economical home kit

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wallet and wallet According to Helsingin Sanomat, this payment has become somewhat unusual in Finland due to the popularity of electronic payments. According to the latest statistics, only 6 percent of people use cash in their daily lives.

However, fully digitalizing payments is not without risks, Bank of Finland experts point out.

β€œWe hope people have some cash at home, at least enough to buy the most important groceries, medicine and a few days worth of fuel.” Paivi Heikkinenthe Director of Payment Systems at the Bank of Finland told Helsingin Sanomat on Friday.

Disruptions in card payment systems can complicate the lives of not only those who rely solely on cards, but also those who rely on mobile payment services given their card-based nature.

About 18 months ago, when Finland was a member of NATO, the central bank drew attention to the need for so-called home economic kits. Heikkinen explained that it became clear at the time that the country could be exposed to different types of hybrid impacts and cyber-attacks.

“There is no serious threat,” she added.

Heikkinen said consumers should also consider having cards from two different banks to avoid being unable to make payments entirely due to disruptions in one bank’s payment system. Yet another vulnerability stems from the widespread use of online banking credentials to log into many services essential to daily life.

“Also, their functionality depends on your bank’s systems. That’s why it’s good to have a mobile ID tool, especially if your workplace also requires authentication,” she said.

Heikkinen said that despite the relatively high frequency of attacks, banks and retailers are largely unprepared to prevent various cyber-attacks, as evidenced by the fact that consumers are largely unaffected. He added that it was done.

According to Heikkinen, payments in Finland rely heavily on card payment systems such as Visa and Mastercard. His two payment systems in America are basically also responsible for processing payments made with the most popular mobile payment systems, such as Apple Pay, Google Pay, and often Mobilepay.

According to her, it would be desirable to launch mobile payment services directly using bank accounts alongside card-based services. She said: β€œIn Sweden and Norway, the most popular mobile payment systems use accounts directly.”

The Payments Council, a national cooperation agency established under the Bank of Finland, is currently drafting regulations that will allow for the launch of account-based instant payments domestically. Nordea and OP Financial Group announced in December that they are jointly developing a new payment platform.

Aleksi Teivainen – HT



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