Banks plan alternative to US-based Visa, Mastercard systems

UK bank chiefs are set to meet and establish a UK-wide alternative to Visa and Mastercard. The meeting, chaired by Barclays’ UK chief executive, Vim Maru, is scheduled for Thursday, gathering City funders to finance a new payments company. The aim is to safeguard the UK economy from potential issues arising from dependencies on US-owned systems.

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Historically discussed but never implemented, the initiative gained urgency following Trump’s recent NATO tensions. About 95% of UK transactions rely on Visa and Mastercard, heightening the stakes as cash becomes obsolete.

An executive told the Guardian that severing ties with Visa and Mastercard could regress the UK back to a cash-dependent era, analogous to the 1950s. The situation in Russia, where sanctions led to reliance on these companies being compromised, highlights the possible disruption.

European concerns echo similar sentiments, with EU politicians advocating for homegrown payment networks. A viral statement from Aurore Lalucq highlighted the risks of depending on US infrastructure, urging for a European alternative akin to Airbus.

While the UK takes a less combative approach, Visa and Mastercard are involved in the initiative. Joining a consortium with Santander UK, NatWest, and others, they aim for a cooperative effort rather than unilateral action.

UK officials emphasize the need for stronger backup systems rather than directly addressing US threats. Bank of England’s Sarah Breeden noted that additional payment systems could offer resilience amid growing cyber risks.

Joe Garner, who previously advised on national payment strategies, underscored the necessity of this development regardless of political events. He asserted the idea was crucial both then and now.

City funders are tasked with shaping legal structures and leadership for "DeliveryCo," while the Bank of England crafts infrastructure plans, slated for next year. The system is expected to launch by 2030.

Visa expressed support for innovation and competition, aiming to ensure reliable, secure payment solutions. Mastercard reiterated its long-standing investment in the UK, highlighting its role in fostering commerce both locally and globally.

While UK Finance declined comment, the Treasury was contacted, and the Bank of England refrained from commenting.

Key Takeaways

• UK banks plan a new payment system amid geopolitical concerns.

• Visa and Mastercard are participating in the development initiative.

• New system aims to be operational by 2030 to enhance economic security.

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  Adapted by ASEAN Now · Source · 16 Feb 2026

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Older UK forum members might remember Switch and Solo cards from the late 80s. It merged with Maestro, owned by Mastercard.

I suppose the scheme under consideration is the Wero digital wallet, in use in Germany/Netherlands/Belgium and Luxembourg.

I remember BarclayCard too.

There is always UnionPay? 🤔

What potential will upset the world economy will not be the collapse of the US economy but the fact that the US is unreliable.

Is the QR payment system not in the UK yet?

From Google:-

"Merchants gain from lower infrastructure costs (no card terminals needed), faster transactions, and easier reconciliation.

Consumers benefit from the convenience, speed, and safety of touch-free mobile payments."

I am not a QR user (yet) but if the UK banks wanted to, they could scrap all cards and give their customers free, or at least very cheap, smartphones with QR app. pre installed.

I suppose the companies Mastercard and Visa in Europe can't split with the USA parent to operate independently and provide some comfort that their European system is strong.

The interesting thing about this is ‘what currency’ will this new system be based on.

SWIFT transactions are executed via US Dollars, it’s one of the major drivers of U.S. Dollar trading, hence props up the U.S. economy.

I expect t this new system will be Euro based, if so that’ll put the cat among the pigeons.

I can almost see the rightwing press headlines once they get on message

3 hours ago, Chomper Higgot said:

The interesting thing about this is ‘what currency’ will this new system be based on.

SWIFT transactions are executed via US Dollars, it’s one of the major drivers of U.S. Dollar trading, hence props up the U.S. economy.

I expect t this new system will be Euro based, if so that’ll put the cat among the pigeons.

I can almost see the rightwing press headlines once they get on message

I love watching the gammonloons popping, spitting and fizzing in their xenophobic terror. Their ignorance is stupendous.

The world at large is taking every opportunity to decouple from the dollar and with good reason, America is no longer trusted.

Good idea. America has proven to be untrustworthy and unreliable. It’s time for all countries to decouple with America.

15 hours ago, Roadsternut said:

Older UK forum members might remember Switch and Solo cards from the late 80s. It merged with Maestro, owned by Mastercard.

I suppose the scheme under consideration is the Wero digital wallet, in use in Germany/Netherlands/Belgium and Luxembourg

Ideal already some years in function in the Netherlands, and is now going to be upgraded to WERO, already alive in Belgium, France, Germany, and expect4ed to roll out all over the EU. Soon no (US = Am Ex, Master and Visa) credit cards needed anymore. Cannot go fast enough for me.

It's no brainer - the UK and Europe should have been doing this years ago. Absolutely absurd to allow US companies to take all profits.

I was in the USA a few years and was shocked how far behind they were with their banking system, they were still giving out cheques, little online banking (its improved now). Anything i bought by card had to be signed for, even a small item.

The UK system and banking was light years ahead.

But ironically the Thai QR system you see in Asia, and India is far more convenient for purchases to companies etc

14 hours ago, JBChiangRai said:

I remember BarclayCard too.

What do you mean? BarclayCard is still in existence. It's not a separate payment system.

Union pay works good

21 hours ago, Muhendis said:

Is the QR payment system not in the UK yet?

From Google:-

"Merchants gain from lower infrastructure costs (no card terminals needed), faster transactions, and easier reconciliation.

Consumers benefit from the convenience, speed, and safety of touch-free mobile payments."

I am not a QR user (yet) but if the UK banks wanted to, they could scrap all cards and give their customers free, or at least very cheap, smartphones with QR app. pre installed.

My flexible friend doesn't need batteries to pay for the groceries.

My cards are free, always have been.

7 hours ago, IsmeUno said:

What do you mean? BarclayCard is still in existence. It's not a separate payment system.

The original Barclaycard was just Barclaycard, though technically it licenced BankAmericard tech.

5 hours ago, Roadsternut said:

The original Barclaycard was just Barclaycard, though technically it licenced BankAmericard tech.

I don't understand what you are talking about... Barclaycard, is still Barclaycard.

Maybe you are describing a licenced product in another country.

7 hours ago, IsmeUno said:

I don't understand what you are talking about... Barclaycard, is still Barclaycard.

Maybe you are describing a licenced product in another country.

Back before you were born (probably), Barclaycard carried no logo other than Barclaycard. It wasn't Visa, Mastercard, not even Access.

You're being obtuse.

Just now, Roadsternut said:

Back before you were born (probably), Barclaycard carried no logo other than Barclaycard. It wasn't Visa, Mastercard, not even Access.

You're being obtuse.

No, you simply did not explain properly what you meant, until now. I guess you didn't consider that, especially as you added "before you were born(probably)". So that means you understood that I might not have known what you meant....and were still rude anyway. Nice one...

I checked. Barclaycard was a charge card initially, like American Express and Diners Club. Then when the BoE agreed to revolving credit, it became a licensee of BankAmericard pre VISA formation.

20 hours ago, DonniePeverley said:

The UK system and banking was light years ahead.

The UK is close to collapse that's what it is.

No industry

Banking lol, that was decades ago 😂

It has no military for all intents and purposes.

It's Greece with bad teeth and derp fried pizza

Go cry to Kier Starboy

Goodbye Visa and Mastercard? The digital euro explained

Right now, most European card payments run through Visa and Mastercard — and the fees keep rising. The digital euro would create a public, ECB-backed payment system with no private middlemen and no foreign control. It’s not crypto — it’s digital cash designed to strengthen Europe’s financial sovereignty.

Goodbye Visa and Mastercard? The digital euro explained | Watch

17 hours ago, Nurf said:

The UK is close to collapse that's what it is.

No industry

Banking lol, that was decades ago 😂

It has no military for all intents and purposes.

It's Greece with bad teeth and derp fried pizza

Go cry to Kier Starboy

The UK (the city of London) literally has one of strongest financial markets in the world. It also leads the worlds in terms of the services industries. Let me guess you are voting for Reform and get your information from Tony the Tank on tiktok innit

22 hours ago, Nurf said:

The UK is close to collapse that's what it is.

No industry

Banking lol, that was decades ago 😂

It has no military for all intents and purposes.

It's Greece with bad teeth and derp fried pizza

Go cry to Kier Starboy

Sounds to me like you're doing a bit of trumpeng there............

On 2/17/2026 at 10:51 PM, DonniePeverley said:

I was in the USA a few years and was shocked how far behind they were with their banking system,

It is all this state-by-state nonsense. They had to invent Visa etc. to tie the whole thing together. At 25% interest of course.

I have been to North America about 30 years ago. In Canada at the supermarket check out; if you paid by card they would ask do you need any cash? I didn't experience that in the US.

In UK I experience getting cash at an ATM with no interest or other charges.

On 2/17/2026 at 8:10 AM, JBChiangRai said:

I remember BarclayCard too.

Still remember? I got a new one last year.