Geopolitical uncertainty has prompted discussion on the need to strengthen the resilience of card-based payments also in Finland.
Finance Finland conducted an assessment on how the continuity of card transactions can be secured during disruptions that occur under normal conditions.
Summary of the recommendations
- Each participant must prepare independently for all potential operational disruptions. Securing real-time information exchange is key to ensuring payment continuity. The operability of telecommunication networks and systems is critical.
- During disruptions, the sale of essential goods such as groceries, medicines and fuel is secured with backup solutions that allow payments with physical cards and mobile payment methods. Other payment methods can also be used alongside card-based payment.
- Market-driven preparedness is a more flexible and effective approach than legislation: legislative solutions can only influence the operators within the legislator’s reach, and regulating an individual operator or sector at the local level will not resolve problems in payment during disruptions. Securing the supply of electricity and maintaining the operability of communication networks are of paramount importance.
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