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Payments Regulator Probing String Of Payments Failures

Silicon Technology

Payments regulator says it is monitoring string of failures that affected payments systems at McDonald’s, Sainsbury’s, Tesco and Greggs within five days

The UK’s Payments Service Regulator (PSR) has said it is investigating a string of IT failures that affected McDonald’s, Sainsbury’s, Tesco and Greggs over a period of five days.

The regulator said it was reviewing the outages earlier this month amidst concern about the resilience of payments infrastructure.

The PSR said it was in contact with the businesses affected and was liaising with the Bank of England.

The failures come amidst a decline of the use of cash, from 54 percent of all payments in 2012 to 14 percent in 2022, according to UK Finance, while an increasing number of retailers are refusing to accept cash.

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