Mastercard Appoints Whitehall Veteran Sir Jon Thompson to Chair Vocalink Amid UK Payments Platform Competition
Mastercard is bolstering its position in the evolving UK payments landscape by appointing Sir Jon Thompson as the new chairman of Vocalink, its UK subsidiary. The move comes as Vocalink prepares to compete for a contract to develop a new payments platform for the country, a project aimed at increasing competition and potentially lowering costs for merchants. The appointment, reported on March 1, 2026, is subject to approval from the Bank of England .
A Critical Time for Vocalink
Vocalink currently operates the systems underpinning a significant portion of the UK’s financial infrastructure, processing over 14 billion retail payments annually . The company is vying for the contract to build a new payments platform, which the government intends to be based on bank-to-bank transfers, offering an alternative to traditional debit and credit card systems.
Addressing Concerns About Market Dominance
The appointment of Thompson is seen as a strategic move to emphasize the independence of Vocalink’s board, addressing concerns about the dominance of Mastercard and Visa in the UK payments market. Currently, these two companies handle the vast majority of UK retail payments, raising concerns about potentially higher costs and limited alternatives, particularly in the event of a cyberattack or system outage . Deputy Governor of the Bank of England, Sarah Breeden, has highlighted that card payments cost UK merchants an average of 0.6% per sale, suggesting that increased competition could drive down these costs .
Sir Jon Thompson’s Extensive Experience
Sir Jon Thompson brings a wealth of experience to the role, having previously served as the Permanent Secretary of the Ministry of Defence and HM Revenue, and Customs. Prior to joining Vocalink, he was the chair of Frasers Group, after stepping down from his position at High Speed 2 . He also previously led the UK’s accounting watchdog .
Recent Challenges for Vocalink
Thompson’s appointment follows the departure of Elizabeth Fullerton-Rome in late 2024 and a £11.9 million fine imposed by the Bank of England in 2025 for failing to address weaknesses in its systems and controls . This fine represented the first of its kind levied by the central bank against a financial market infrastructure provider and initially posed a setback to Vocalink’s bid for the new payments system contract.
Vocalink’s Existing Infrastructure
Despite the recent challenges, Vocalink’s technology is integral to the UK’s payment systems, underpinning the Bacs direct debit system (handling 90% of UK wages), the faster payments system (processing £4.2 trillion in transfers in 2024), and the Link ATM network of 47,000 cash machines .
Vocalink stated that its regulatory oversight and ownership by Mastercard provide a “unique platform to invest in, secure and deliver world-leading payments for the UK” . The Bank of England declined to comment on the matter.