This World Consumer Rights Day, 15th March 2022, Independent Consumer & Competition Commission (‘ICCC’) and other consumer organisations around the world are joining together to call for fair digital finance.
Each March 15 — World Consumer Rights Day — consumer rights groups come together to highlight a pressing issue facing consumers globally. This year, the membership organisation for consumer groups around the world, Consumers International, has selected the theme of Fair Digital Finance.
The ICCC joins Consumers International and its 200-member organisations across the globe to raise awareness of fair digital finance for consumers everywhere. The global consumer movement will harness the opportunities of emerging digital financial products by highlighting what fair digital finance means for the everyday consumer.
The ICCC Commissioner and Chief Executive Officer, Paulus Ain said: “The rapidly evolving nature of digital financial services is affecting how we spend and save. There is a real opportunity to create technologies that are safe, inclusive, data protected and private, and sustainable for consumers of digital financial services. To make this a reality for consumers, the global consumer movement will mobilise key decision-makers such as businesses and governments to ensure fair digital finance for all’’.
“By 2024, digital banking consumers are expected to exceed 3.6 billion. In the developing world, the proportion of account owners using digital transactions has grown from 57% in 2014 to 70% in 2017.”
“Consumer advocates recognise the vast potential for digital finance to create opportunities for all, however, digital financial services have created new risks along with exacerbating traditional risks that can lead to unfair outcomes for consumers.”
Mr. Ain added that the rapidly evolving nature of digital financial services demonstrates the need for innovative regulatory approaches and digital finance services and products that centre consumer protection and empowerment.
World Consumer Rights Day 2022 will call on businesses, governments and policymakers to ensure that digital finance is:
· Inclusive: Extending access to digital finance for all
· Safe: Mitigating harm in digital finance from scams, fraud, and phishing
· Data protected and private: Safeguarding the data of every consumer of digital financial services
· Sustainable: Ensuring green and socially responsible digital financial products
To find out more about World Consumer Rights Day, learn more about sustainable consumption and find out about activities in Port Moresby, Lae, Mt. Hagen and Kokopo. Also visit Consumers International’s Sustainable Consumer webpage, or follow the #FairDigitalFinance hashtag on Twitter and Facebook.