Get Britain Growing: How digital payments technologies enable growth

Source: Mastercard 

Creating a pathway to inclusion

The challenges the UK economy faces are more complex than we have seen in generations. While in some areas of the economy there are promising signs of resilience and confidence, many people and businesses are still finding it tough. Creating economic growth that’s sustainable over the long term, raises productivity and creates prosperity is vital.

Digital payment technologies and innovation are ideally placed to be the foundation on which we can grow the economy. At Mastercard, we see first-hand how these innovations keep the U.K. economy moving every day and can support long-term growth. The U.K. has pioneered account-to-account faster payments, contactless and open banking. Home-grown fintechs are transforming finance, helping underserved groups, entrepreneurs, and business owners, bringing them into the financial fold and helping them grow. 

So, we’re calling on policymakers to back the U.K.’s world-leading digital payments technology sector – and help it enable growth in a way that gives everyone a stake in the economy.

We’ve launched "Get Britain growing", a policy programme that explores how digital payment technologies and innovation can support inclusion for underserved and excluded individuals, boost businesses, and be the foundation for further cutting edge innovation, power trade, and support our transition to net zero.

This report is the first in a series of three policy papers and is focused on how digital payment technologies and innovation can support sustainable growth through enabling inclusion and building individuals’ financial capabilities and resilience, including those most disadvantaged and impacted by the current cost of living challenges.

For this report, Mastercard has brought together innovators, think tanks, industry experts, and consumer representatives. Contributors include the Financial Inclusion Commission, and RSA as well as fintechs such as CleverCards, Hi 55 and Algbra. Together, we have set out a range of recommendations for policymakers and regulators to consider.

We’re asking policymakers to get behind the U.K. payments technology sector and help get Britain growing by:

• Being a champion for, and adopter of, digital payments technology and innovation that’s addressing exclusion. Whether that’s prepaid cards or account-to-account payments or new fintech solutions that help vulnerable and excluded individuals get access to financial services and build their financial capabilities and resilience.
• Backing digital payments technology that’s helping to power small and micro businesses including helping them to release cash flow, improve their productivity and increase their trade across borders, enabling them to grow and thrive.
• Backing digital payments technology and innovation that supports new start-ups, boosts cross border trade and is a key part of supporting consumers and small businesses in their transition to net zero.
• Adopting a bolder approach to building world class talent and skills to tackle skills gaps, improve upskilling and create a learning ecosystem that’s fit for purpose and prepares our workforce for the jobs of tomorrow.