economy
February 16, 2026
UK bank bosses plan to set up Visa and Mastercard alternative amid Trump fears
Exclusive: First meeting to be held over domestic payments system aimed at reducing reliance on US networks
TL;DR
- UK bank leaders will meet to establish a national alternative to Visa and Mastercard.
- The move is driven by fears of U.S. control over payment systems, amplified by Donald Trump's recent threats.
- Approximately 95% of UK card transactions use Visa or Mastercard.
- The initiative, named DeliveryCo, aims to provide a sovereign payment system.
- The Bank of England supports the initiative as an additional layer of resilience.
- Visa and Mastercard are involved in the new funders group.
- The new payments system is expected to be in place by 2030.
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