Exclusive: First meeting to be held over domestic payments system aimed at reducing reliance on US networks

UK bank bosses will hold their first meeting to establish a national alternative to Visa and Mastercard, amid growing fears over Donald Trump’s ability to turn off US-owned payment systems.

The meeting, chaired by Barclays’ UK chief executive, Vim Maru, will take place this Thursday and bring together a group of City funders that will front the costs of a new payments company to keep the UK economy running if problems were to occur.

The City-funded, but government-backed, initiative has been under discussion for years. However, Trump’s recent threats against Nato allies over Greenland have amplified concerns that an over-reliance on US companies could put UK payments – and the wider economy – at risk.

About 95% of UK card transactions are made using payment systems owned by Mastercard and Visa, according to a 2025 report by the UK’s Payment Systems Regulator. That dominance has become far more relevant as cash use across the country continues to decline.

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[–] 28 points 8 months ago (3 children)

If only there was some kind of Union next door that is trying to do exactly this

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  • [–] 13 points 8 months ago

    They're still part of SEPA, shouldn't be that hard for them to join Wero. Even if they weren't part of SEPA, Wero is an just an initiative between european banks, doesn't have anything directly to do with the EU.

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  • [–] 3 points 8 months ago

    The banking institutions of the past 5 generations are part of the problem. How they’d plotted things from debt-based economics to the “Federal Reserve” while Americans were anti-central-banks. You really want more, UK?

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  • [–] 2 points 8 months ago

    Does Barclays continue in the UK? They announced a rename to "easybank" in Germany.

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  • 3 comments in c/unitedkingdom@feddit.uk view that post
    [–] 12 points 8 months ago (2 children)

    However, the UK is taking a less aggressive stance, with Visa and Mastercard working within the initiative.

    Both companies are part of the new funders group, giving them a stake and a say alongside a large number of banks and payment companies including Santander UK, NatWest, Nationwide, Lloyds Banking Group, the ATM network body Link, and Coventry Building Society.

    I'm confused, Visa and MasterCard are involved in the project that's looking to replace them?

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  • 1 comment in c/theguardian_us@ibbit.at view that post
    [–] 2 points 8 months ago

    Just think how much money flows in to the USA from visa and MasterCard fees, I'm honestly surprised they eunhs developed there own payment network

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  • 1 comment in c/globalnews@lemmy.zip view that post
    [–] 3 points 8 months ago

    Cool, but we in the EU should be weary of any outside payment processor taking over.

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