UK Urged to Seek Alternatives to Mastercard and Visa in Payment Sector

A report commissioned by the UK government has called for the development of a "digital alternative" to Visa and Mastercard for card payments, citing dissatisfaction with the cost of card schemes and a lack of choice. The report suggests that open banking, which allows third-party fintechs to offer payment services using customer data, could provide a lower-cost alternative for retailers. Visa and Mastercard welcomed the review's recognition of their contributions to the payments landscape and expressed a willingness to work with the government to promote innovation in the sector.