"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."
"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. If Mastercard and Visa were turned off, it would send us back to the 1950s, before cards dominated the UK economy, and businesses wholly relied on cash,"
Bank leaders will meet to set up a national alternative to Visa and Mastercard amid fears Donald Trump could disable US-owned payment systems. The meeting, chaired by Barclays UK CEO Vim Maru, will gather City funders to finance a backup payments company to keep the UK economy functioning if disruptions occur. About 95% of UK card transactions use Visa or Mastercard, and cash use is declining. Concerns are amplified by recent US threats and by Russia's experience when sanctions forced Visa and Mastercard to stop services. EU politicians also advocate local networks to avoid foreign-controlled shutdowns.
Read at www.theguardian.com
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