Kelly Devine is Mastercard’s Divisional President, UK and Ireland.
The historic strength of the British economy has been in its adaptability. Coming up with dynamic responses to changing conditions has kept us competitive and generated jobs and growth.
And, with economic headwinds stronger than we have seen in generations, it has seldom been more important to strive for sustainable long term growth, raise productivity, and create prosperity across the board.
We welcome the Chancellor and Prime Minister’s focus on encouraging innovation and enterprise in the economy as the foundation of long-term, sustainable growth. We’d like to see this translate into policies that support digital payments innovation.
This technology can help grow the UK economy sustainably, as well as create opportunities and prosperity for the people and businesses who need it most.
Digital technology brings huge opportunities. Through innovation we can help people build their skills to be part of tomorrow’s workforce, improve their life opportunities and resilience, boost businesses of all sizes, increase productivity, trade, and exports, support the transition to net zero, and make the UK more competitive and productive.
At the same time, new technologies bring challenges. Some people may be unable to keep up with the pace of digitisation across key areas of their everyday lives, like paying their utility bills or having secure and easy access to welfare disbursements. And the skills people are currently developing in education or early careers may not be sufficient to secure good jobs or build a meaningful career in the future.
Policy around digital payments technology needs to be not just about fostering innovation, but also how we can ensure that innovation is inclusive.
The UK’s payments industry has been an engine of innovation for the past two decades, helping to keep everyday payments flowing and giving consumers more choice than ever, helping businesses grow and trade across borders securely, boosting trade and exports, and enabling governments to distribute payments quickly and securely.
Britain 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; as well as powering the shift to more conscious and sustainable consumption and supporting our transition to net zero.
At Mastercard, we see first-hand how these innovations keep the UK economy moving and can support long-term growth.
And so, we’re calling on the government to back this country’s world-leading digital payments technology sector – and help it boost growth that creates opportunities and gives everyone a stake in the economy.
We’ve launched Get Britain Growing, a policy programme bringing in some of the UK’s most innovative businesses and thinkers. Algbra, CleverCards, Hi, The Financial Inclusion Commission, and the RSA, have all provided their valuable insights for our first paper. Together, we have set out a range of recommendations for government and regulators to consider.
Firstly, government should build on the recently introduced financial services reforms by creating a smart, agile regulatory framework for digital payments technology and innovation – whether through a regulatory sandbox for innovators specifically focused on innovation for excluded and underserved customers, or by enabling an environment that encourages investment in emerging innovations.
It should also lead by example in being a champion for, and adopter of, digital payments technology and innovation. This includes prepaid cards or account to account payments for welfare disbursements, which can support people who are vulnerable and excluded access financial services and build their financial capabilities and resilience.
The Government should prioritise inclusion by setting up a National Financial Inclusion Strategy. This would improve access to financial services and products for under-served communities, alongside a national digital up-skilling programme.
We’d also like to see the government invest more in improving digital and financial literacy in tandem, with a focus on minority communities who don’t have as much access to literacy programmes as white communities.
We’ll be publishing a series of policy papers this year, looking at the specifics of how digital payments technology and innovation can truly Get Britain Growing and maximise the economic recovery we are beginning to see.
Kelly Devine is Mastercard’s Divisional President, UK and Ireland.
The historic strength of the British economy has been in its adaptability. Coming up with dynamic responses to changing conditions has kept us competitive and generated jobs and growth.
And, with economic headwinds stronger than we have seen in generations, it has seldom been more important to strive for sustainable long term growth, raise productivity, and create prosperity across the board.
We welcome the Chancellor and Prime Minister’s focus on encouraging innovation and enterprise in the economy as the foundation of long-term, sustainable growth. We’d like to see this translate into policies that support digital payments innovation.
This technology can help grow the UK economy sustainably, as well as create opportunities and prosperity for the people and businesses who need it most.
Digital technology brings huge opportunities. Through innovation we can help people build their skills to be part of tomorrow’s workforce, improve their life opportunities and resilience, boost businesses of all sizes, increase productivity, trade, and exports, support the transition to net zero, and make the UK more competitive and productive.
At the same time, new technologies bring challenges. Some people may be unable to keep up with the pace of digitisation across key areas of their everyday lives, like paying their utility bills or having secure and easy access to welfare disbursements. And the skills people are currently developing in education or early careers may not be sufficient to secure good jobs or build a meaningful career in the future.
Policy around digital payments technology needs to be not just about fostering innovation, but also how we can ensure that innovation is inclusive.
The UK’s payments industry has been an engine of innovation for the past two decades, helping to keep everyday payments flowing and giving consumers more choice than ever, helping businesses grow and trade across borders securely, boosting trade and exports, and enabling governments to distribute payments quickly and securely.
Britain 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; as well as powering the shift to more conscious and sustainable consumption and supporting our transition to net zero.
At Mastercard, we see first-hand how these innovations keep the UK economy moving and can support long-term growth.
And so, we’re calling on the government to back this country’s world-leading digital payments technology sector – and help it boost growth that creates opportunities and gives everyone a stake in the economy.
We’ve launched Get Britain Growing, a policy programme bringing in some of the UK’s most innovative businesses and thinkers. Algbra, CleverCards, Hi, The Financial Inclusion Commission, and the RSA, have all provided their valuable insights for our first paper. Together, we have set out a range of recommendations for government and regulators to consider.
Firstly, government should build on the recently introduced financial services reforms by creating a smart, agile regulatory framework for digital payments technology and innovation – whether through a regulatory sandbox for innovators specifically focused on innovation for excluded and underserved customers, or by enabling an environment that encourages investment in emerging innovations.
It should also lead by example in being a champion for, and adopter of, digital payments technology and innovation. This includes prepaid cards or account to account payments for welfare disbursements, which can support people who are vulnerable and excluded access financial services and build their financial capabilities and resilience.
The Government should prioritise inclusion by setting up a National Financial Inclusion Strategy. This would improve access to financial services and products for under-served communities, alongside a national digital up-skilling programme.
We’d also like to see the government invest more in improving digital and financial literacy in tandem, with a focus on minority communities who don’t have as much access to literacy programmes as white communities.
We’ll be publishing a series of policy papers this year, looking at the specifics of how digital payments technology and innovation can truly Get Britain Growing and maximise the economic recovery we are beginning to see.