Mastercard has appointed Sir Jon Thompson, a former UK government heavyweight, to chair its UK payments subsidiary Vocalink. This move aims to strengthen Vocalink's bid for a critical contract to modernize Britain's financial infrastructure. Thompson, who previously led the High Speed 2 rail project and served as head of the UK tax authority, brings significant public sector credibility to the role.

His appointment seeks to address concerns about Vocalink's independence following an £11.9 million regulatory fine last year for system failures. Vocalink already handles 14 billion UK retail payments annually, giving it a strong position in the new platform competition. However, its ownership by Mastercard remains a potential hurdle for regulators seeking diverse payment options.

The Bank of England is reviewing the appointment, which could signal Mastercard's commitment to competing fairly in the UK market.