UK bank bosses plan to set up Visa and Mastercard alternative amid Trump fears

UK bank executives are meeting this week to discuss creating a national payment system as an alternative to Visa and Mastercard. The initiative, backed by both government and City funders, aims to mitigate risks associated with relying on US-owned payment systems, particularly amid concerns about potential disruptions stemming from US foreign policy. The move is driven by fears that the UK economy could be vulnerable if access to Visa and Mastercard were restricted, as approximately 95% of UK card transactions utilize these systems. While similar concerns are being raised in the EU, the UK initiative involves Visa and Mastercard as stakeholders, alongside major UK banks and payment companies. The goal is to establish a sovereign payment system to ensure the UK economy can continue to function smoothly in the event of geopolitical instability.

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