The UK stands at a crucial juncture, poised to revolutionise its payment infrastructure and potentially outstrip the limitations of the established card schemes, according to Stuart Neal, CEO of London-based payments firm Boku.
Neal argues that while Open Banking initiated a transformation in payments, it wasn’t specifically designed for everyday consumer transactions. The existing payment technology, now half a century old, carries inherent restrictions.
He points to the advanced payment systems in countries like India and Brazil, citing Pix in Brazil, UPI in India, and EthSwitch in Ethiopia as examples of what can be achieved. These modern methods are rapidly becoming the primary way to pay, bypassing traditional card networks altogether.
Neal emphasises that these mobile-first, AI-driven solutions align better with how people want to pay. Implementing a similar system in the UK would decrease reliance on current card networks and offer substantial benefits to governments, businesses, and, most importantly, consumers.
With over two decades of experience in payments, banking, and innovation, including leadership roles at Barclaycard, Featurespace, VocaLink, GlaxoSmithKline, and Virgin Media, Neal brings significant expertise to the discussion.
Boku, established in 2008, operates from its London headquarters and has offices across North America, Asia-Pacific, Europe, and Latin America. The company’s unified platform connects global merchants to local payment options, supporting over 200 methods, including digital wallets, direct carrier billing, and real-time bank transfers. It reaches over 7.5 billion consumer payment accounts in more than 60 countries, serving major merchants such as Spotify, Meta, Microsoft, Netflix, and Tencent.
Addressing the common argument that "if it isn’t broken, don’t fix it," Neal counters that the existing infrastructure is unnecessarily expensive. These costs are factored into interchange fees, which are passed on to merchants and ultimately to consumers. Neal suggests that forward-thinking planning for the next decade should include considering the evolution of the payments ecosystem.
