Fundamental principles to design an ethical payment system

Abstract

The ongoing digitalisation of payments is an immense challenge for society and raises several ethical issues. Although digital payment instruments have been around for some time, beyond the analysis of some specific cases and related ethical issues, a comprehensive approach is still absent from the literature. Starting from the claim that access to a payment system is a basic human right, we lay the foundations for a framework of fundamental ethical principles we find essential in designing and operating a morally sound and resilient payment system. Two main principles will be proposed: financial inclusion and fair treatment of users. Each principle has three dimensions: financial inclusion embraces physical, intellectual and economic accessibility to the payment system, fair treatment of users means protection against illegal and/or illegitimate surveillance, trustworthiness and fair distribution of costs. Relying on these principles we discuss their significance in the payment system with special focus on the transition from a cash-dominant payment system to a fully digital one.