Building better lives across the UKSeptember 8, 2021
The coronavirus pandemic has undoubtedly accelerated the shift to digital first lifestyles, including using digital payments to buy and sell things. Many individuals who were never, or very rarely, online, are now planning to continue transacting online even after the economy opens fully. There have been decisive, permanent shifts in the way people work, shop, and interact, and this has created fantastic opportunities.
But there is another side to the story.
This shift has, at the same time, worsened inequalities, digital poverty and exclusion across the UK. Individuals and families are still excluded from financial and other essential online services, and struggle with accessing and developing the digital skills and confidence needed for them to truly benefit from the UK’s world leading digital economy.
As the global, and UK payment systems evolve, it is critical that the Government and regulators appreciate the trajectory of this evolution and nurture it to facilitate better lives through better payment outcomes.
This policy report from Mastercard explores a number of areas where digital payments technology and innovations can support the UK to build better lives for individuals, build more resilient businesses and better public services, creating a more inclusive post-pandemic economy. It includes valuable insights from UK industry and consumer representatives: Fair4AllFinance, Good Things Foundation, the Love Wimbledon Business Improvement District, Open Banking Excellence, the Post Office, PUBLIC, The Entrepreneurs Network, and Which?
By leveraging digital solutions to help build better lives, we can ensure no individual, community or business is left behind.