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The future of payments: a new engine?
The UK government took its time to adopt the jet engine. Its inventor, Frank Whittle, believed that improvements to the piston and propellor engines that dominated aircraft propulsion were firmly limited in the performance they could produce because of their complexity. He conceived of the simpler and more powerful jet propulsion system, but it was many years before the UK government woke up to the innovation and adopted it. Today, it powers the vast majority of aircraft. Can we draw an analogy to payments? Perhaps. Our payments system is complicated and, like the piston and propellor systems, involves many ... (full story)