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

[malaise]

https://www.theguardian.com/business/2026/feb/16/uk-bank-bosses-plan-visa-mastercard-alternative

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.

[Dave Bowman]

1. He's the Bizarre King, he can screw up anything.

[Swede]

2. Dismantling the USA, one brick at a time.

nt

[Nittersing]

3. Smart move

Other countries should be doing the same thing.