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.

Brilliant, let the american companies have a say.

I remember we had Switch and Solo, they also got merged into Mastercard (Maestro)...

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?

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