Senior UK banking executives are set to meet this week to begin formal plans for a national payments network that could operate independently of US giants Visa and Mastercard. The initiative, chaired by Barclays UK chief executive Vim Maru, aims to reduce reliance on American-owned card systems amid concerns that geopolitical tensions could disrupt access.
About 95% of UK card transactions run through Visa and Mastercard, according to the Payment Systems Regulator. Fears have grown that future US political decisions (particularly under President Donald Trump) could threaten financial infrastructure in allied countries, highlighting vulnerabilities in heavily cashless economies like the UK.
The project, known as DeliveryCo, is backed by major banks including Santander UK, NatWest, Nationwide and Lloyds Banking Group, alongside industry bodies. The Bank of England is expected to help design the infrastructure, with the system potentially operational by 2030. Officials frame the move as building resilience rather than directly responding to US political risks.
Visa and Mastercard have welcomed the initiative, saying they remain committed to the UK market and support competition. Industry figures argue that, regardless of politics, establishing a domestic payments alternative would strengthen economic security and ensure continuity in the event of cyber, operational or geopolitical disruption...