62
UK bank bosses plan to set up Visa and Mastercard alternative amid Trump fears (www.theguardian.com)
submitted 8 months ago by to c/unitedkingdom@feddit.uk
3 comments fedilink hide all child comments
 

About damn time!

I never understood how such a foreign duopoly was able to be created in an industry we dominate in.

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105
UK bank bosses plan to set up Visa and Mastercard alternative amid Trump fears (www.theguardian.com)
submitted 8 months ago by to c/world@lemmy.world
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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.

MBFC
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100
UK bank bosses plan to set up Visa and Mastercard alternative amid Trump fears (www.theguardian.com)
submitted 8 months ago by to c/buyeuropean@feddit.uk
4 comments fedilink hide all child comments
 

About damn time!

I never understood how such a foreign duopoly was able to be created in an industry we dominate in.

5
UK bank bosses plan to set up Visa and Mastercard alternative amid Trump fears (www.theguardian.com)
submitted 8 months ago by [B] to c/theguardian_us@ibbit.at
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From US news | The Guardian via this RSS feed

34
UK bank bosses plan to set up Visa and Mastercard alternative amid Trump fears (www.theguardian.com)
submitted 8 months ago by to c/globalnews@lemmy.zip
1 comment fedilink hide all child comments
 

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

Archived version: https://archive.is/20260216194835/https://www.theguardian.com/business/2026/feb/16/uk-bank-bosses-plan-visa-mastercard-alternative

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