UK payments report calls for alternatives to powerful networks & ‘Big Tech’

The UK payments report, commissioned by the government said in part: “Digital wallets have grown at an extremely rapid rate and are delivering a world leading consumer experience. In Switzerland and (recently announced) the US, banks are working to offer domestic alternatives to the US tech players. With MasterCard (MA), Visa (V), Google (GOOG, GOOGL) and Apple (AAPL) now having such a strong position in UK payments, Government could consider developing a point of view on having so much of our payments landscape open internationally. The view from this review is that the current international players are enhancing the consumer experience and are well placed to contribute positively to the payments landscape – but the absence of a national strategy and position on this feels like a gap. Some contributors were less positive, with one remarking that UK financial services are “sleepwalking into the hands of Big Tech” and others have made the point that there should be “equal regulation for equal risk.” concluded the U.K. Future of Payments Review.