These new technologies raise important issues for individual consumers and for the health of the payment system. Neither individual consumers nor consumers as a group should have to accept the risk that an issuer of a stored-value device will be unable to honor the device when it is presented for payment. Consumers should be assured of prompt and guaranteed access to their funds in the event of an interruption of the fiscal stability of the issuer of electronic funds. In addition to these steps, issuers of electronic money should maintain adequate reserves. B. Affordable access to essential banking and payment services Providers and regulators must pay careful attention to both the structure and pricing of new electronic-based products and to the pricing and availability of products to serve those who do not use electronic money or electronic banking.
Theoretical access is available when a product is widely sold at convenient locations.
Practical access is present when a product is useful to consumers with differing income levels and other characteristics. The third and most critical form of access is impact access - the impact which a new product has on the product mix available to serve customers with a variety of income levels and needs. All consumers, rich and poor alike, need access to essential banking and payment services. While these products are not now essential to full participation in the payment system, they could become essential in the near future. At least by that time, these products should be priced and designed in a way that makes it possible for low income and technologically unsophisticated consumers to participate in this payment system.