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UK Bank Chiefs Consider Setting Alternatives to Visa and Mastercard Amid Trump Threats
UK financial institutions plan DeliveryCo to reduce reliance on Visa and Mastercard, which handle 95% of UK card transactions, aiming for launch by 2030.
- On Thursday, Barclays' UK chief executive Vim Maru will chair a meeting of major City financial institutions to discuss a domestic alternative to Visa and Mastercard amid fears US President Donald Trump could shut down services.
- Rising geopolitical tensions have added urgency as Mastercard and Visa process around 95 per cent of UK card transactions amid declining cash usage.
- DeliveryCo backers intend to structure and finance the venture, while the Bank of England develops the technical blueprint expected next year, targeting launch by 2030.
- Examples from Russia show suspensions left many consumers unable to access funds, and officials argue a contingency is essential regardless of US political developments.
- Visa and Mastercard reiterated their commitment to the UK market and support competition and innovation, while Joe Garner, former Nationwide chief executive and government adviser, underlined the broader rationale as industry welcomed progress on account-to-account payments.
12 Articles
12 Articles
British bank executives have scheduled the first meeting to create a national alternative to Visa and Mastercard – against the background of growing fears that the US could shut down US payment systems, writes The Guardian.
UK bank chiefs consider setting alternatives to Visa and Mastercard amid Trump threats
The meeting, to be chaired on Thursday by Barclays’ UK chief executive, Vim Maru, will bring together major City financial institutions prepared to fund a new payments company designed to safeguard the UK economy in the event of disruption
Big banks plot UK 'sovereign payments system' as fears grow Donald Trump may 'turn off' Visa and Mastercard
Senior banking executives from across Britain will convene on Thursday for an inaugural gathering aimed at creating a homegrown payments network that could operate independently of American financial infrastructure
Heads of banks of the British Sea will organize a first meeting to create a British alternative to Visa and Mastercard, on the basis of growing fears about Donald Trump's ability to stop American payment systems.
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