UK bank bosses plan to set up Visa and Mastercard alternative amid Trump fears
8 days ago
- #UK payments
- #Visa Mastercard alternative
- #financial resilience
- UK bank bosses are meeting to establish a national alternative to Visa and Mastercard due to concerns over US control of payment systems.
- The initiative, backed by City funders and the government, aims to ensure UK payment resilience amid declining cash use.
- About 95% of UK card transactions rely on Visa and Mastercard, raising fears of economic disruption if services were cut off.
- Similar concerns exist in the EU, with calls for locally owned payment networks to avoid foreign interference.
- The UK's approach is less aggressive, with Visa and Mastercard participating in the new initiative alongside major banks and payment firms.
- The new system, known as DeliveryCo, is expected to be operational by 2030, with infrastructure blueprints developed by the Bank of England.
- Visa and Mastercard have expressed commitment to the UK and welcomed competition, emphasizing innovation and reliability.