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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