Britain has a long-standing reputation for being a fertile ground for technological and payment advancements, with a rich history of innovation in the tech and financial sectors.
Six decades after the inception of the first credit card, a recent report from EY sheds light on the significant role that card payments play in the UK economy and the benefits they bring to consumers and businesses.
According to the report, card payments in the UK, representing 57% of all transactions, contributed an estimated 6.5% of GDP in 2022, amounting to a substantial £161 billion – equivalent to approximately 2.1 million jobs.
Card payments not only provide a safe and convenient way for consumers to transact but also offer improved financial visibility and smoother payment processes for small businesses.
The scale of GDP facilitated by card payments in the UK last year equals the employment numbers in the financial, insurance, and real estate industries combined.
Fintech innovations like Open Banking are revolutionizing the financial landscape by enabling secure data sharing among banks and third parties, streamlining payment processes, and fostering financial inclusion.
Fintechs are also focusing on addressing the needs of underbanked individuals through tailored products that promote financial empowerment and inclusion.
Amidst the thriving fintech sector in the UK, there is a call for continuous support and encouragement to fuel innovation and drive inclusive growth across all segments of society.
It is imperative for policymakers to prioritize digital financial technology and innovation, bridging funding gaps for fintechs, fostering collaboration, and implementing supportive regulation to spur positive change.
A recent study highlights the need for investments that support sustainable and inclusive growth in the fintech sector, including incentives for investors, policies for eco-tech startups, and ecosystem development in the North of England.
The UK stands in a powerful position as a leader in fintech innovation, and collective efforts are necessary to leverage technology and payments innovation for sustained economic growth and advancement.
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