Nah P-Day is correct, Pay-Day.
There'll already be hundreds of scammers and similar low life working out how to take advantage of this nonsense.
For those that have any level of technical literacy (including most of the kids) this means nothing and will be circumvented easily. For the naïve or plain lazy they'll get well and truly screwed in more than the way the idiots in parliament thought. I just hope that some of the politicians are among them.