UK payments infrastructure: A call for a Mobile-First, AI-Enabled Transformation
According to Stuart Neal, CEO of London-based payments company Boku, the UK is at a critical juncture to break free from a payment infrastructure that has been in place for over half a century. As he sees it, the need for a modern, consumer-centric approach to everyday payments is more pressing than ever.
An Emerging Global Trend
Neal points to the success of innovative payment initiatives in India, Brazil, and Ethiopia as evidence of what can be accomplished with a modern approach. These countries have embraced new payment methods, bypassing traditional card schemes and creating systems that are mobile-first, AI-enabled, and in tune with how people want to pay. Such advancements have the potential to reduce the UK’s dependence on existing card networks, benefitting governments, merchants, and consumers alike.
Stuart Neal’s Perspective
Neal’s insights come from over two decades of experience in payments, banking, and innovation leadership. His resumé features senior roles at prominent companies like Barclaycard, Featurespace, VocaLink, GlaxoSmithKline, and Virgin Media. His current position at Boku, a company that connects global merchants to local payment methods, further solidifies his expertise in the payment ecosystem.
About Boku
Established in 2008, Boku is a global leader in providing a unified platform that supports over 200 payment options, including digital wallets, direct carrier billing, and real-time bank transfers. With a reach extending to more than 7.5 billion consumer payment accounts across over 60 countries, Boku serves a wide range of merchants including Spotify, Meta, Microsoft, Netflix, and Tencent.
The Need for Change
Despite the apparent success of the existing payment infrastructure, Neal argues that it comes with significant costs. The expensive infrastructure is factored into interchange fees that are passed onto merchants and ultimately consumers. As technology advances, Neal believes that the UK should consider evolving its payment ecosystem to better align with global trends.
A Mobile-First, AI-Enabled Solution
Neal proposes a solution that leverages existing technologies, such as QR code scanning, to facilitate payments. This method is already in place in countries like India and requires no additional investment. This cost-effective, secure, and consumer-friendly solution could help to reduce the reliance on traditional card networks, presenting a viable third option for merchants.
Boku’s Financial Strength
Boku’s financial performance is a testament to its strength and quality. In 2025, the company reported a 30% increase in revenue to $128.8m, a 36% increase in adjusted EBITDA to $41.3m, and an adjusted EBITDA margin improvement to 32.1%. Monthly active users grew by 31% to 114.4m, and total payment volume increased by 27% to $15.7bn. Neal expressed confidence in Boku’s financial position and its ability to continue investing in scalability, product development, and future expansion.
To stay ahead in the digital era, the UK needs to embrace modern, consumer-centric payment methods. Taking a page from countries like India and Brazil, it’s time to rethink traditional systems and explore mobile-first, AI-enabled solutions. As Neal suggests, the opportunity for transformation is ripe, and it’s one that could benefit everyone involved, from governments and merchants to consumers.Here
