Digital Payments Technologies for Small Business Growth

This report is the second in Mastercard's Get Britain Growing policy programme, focusing on how digital payments technologies can enable growth for micro and small enterprises (MSEs) in the U.K. It outlines the systemic barriers that MSEs face and discusses how innovative digital solutions can address these challenges. The report emphasizes the importance of partnerships among industry stakeholders, including banks, fintechs, and policymakers, to facilitate the digitization of small businesses. It highlights the need for equitable growth, particularly for female and ethnic minority business owners, who often encounter additional obstacles. The document also presents recommendations for policymakers to support the adoption of digital payment technologies that can improve cash flow, productivity, and access to finance for MSEs. Furthermore, it stresses the role of improved digital skills and capabilities in enhancing the resilience and long-term success of small businesses, which are crucial for the U.K.'s economic recovery.