Interview: Boku CEO Stuart Neal on why the UK needs a Mastercard, Visa rival [Yahoo! Finance]
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Source: Yahoo! Finance
The CEO of AIM-listed London payments company Boku says that the transformation in payments began with Open Banking but was never designed around everyday consumer payments. Moreover, the 50-year-old technology comes with its own set of limitations. RBI editor Douglas Blakey speaks with Stuart Neal, CEO of Boku UK can learn from India, Brazil And he highlights the world class payments initiatives in countries like India and Brazil to prove what is possible with Pix in Brazil, UPI in India and most recently EthSwitch in Ethiopia. Modern payment methods are being used for the majority of everyday commerce in those markets, entirely by-passing traditional card schemes, says Neal. He adds that these mobile-first, AI-enabled initiatives are aligned to how people actually want to pay. Something along those lines in the UK would mean less reliance on existing card networks and would be genuinely better for governments, merchants and most importantly consumers. Stuart Neal speaks
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