TLDR:
Mastercard has released a report urging the UK to develop a “forward-thinking” national fintech strategy to support the growth of the sector and address environmental concerns. The report highlights the need to champion digital payment technologies that address exclusion and support vulnerable and excluded individuals in accessing financial services. It also emphasizes the importance of digital payments in powering micro and small businesses, supporting the UK’s fintech sector’s transition to net zero, and building world-class talent to tackle skills gaps. Mastercard is also working with social-purpose fintechs to promote sustainable consumption and make a positive impact on climate change.
Global payments leader Mastercard has released the third report in its ‘Get Britain Growing’ policy programme – as it hopes to boost the UK fintech landscape, and encourage firms and policymakers to address environmental concerns.
The latest paper focuses on how the UK can enable growth by supporting digital payments innovation as the foundation of the next generation of UK fintechs, in particular by creating the right ecosystem to boost fintech innovation in the ESG space and supporting the transition to net zero.
- Mastercard urges policymakers to back the UK paytech sector and support innovation to enable growth by:
- Championing and adopting digital payment technologies and innovation that address exclusion, whether that’s prepaid cards, 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 micro and small businesses, by helping them to release cash flow, improve their productivity or increase their trade across borders, enabling them to grow and thrive.
- Backing digital payments technology and innovation that enables the future competitiveness of the UK’s fintech sector and helps support consumers and small businesses in their transition to net zero.
- Adopting a bolder approach to building world-class talent – to help tackle the skills gaps and improve upskilling.
Ken Moore, chief innovation officer at Mastercard, explains: “The value of the UK’s fintech sector is clear, which leaves policymakers and industry to ask: what’s needed to ensure the UK retains its position as a global fintech hub and harnesses the technologies that will form the foundation of the next economy? The answer lies in a clear, forward-thinking national fintech strategy.”
The report also highlights the importance of enabling positive climate actions and moving towards net zero in the UK. Mastercard is working with social-purpose fintechs to promote sustainable consumption and make a positive impact on climate change. It is also supporting the drive towards net zero by equipping consumers with knowledge and data to make informed purchasing decisions and understand the impacts of their choices. Mastercard’s collaboration with ekko, for example, allows customers to make a tangible difference on climate change with every transaction, such as paying for the collection of plastic bottles or the planting of a tree.
