""If Mastercard and Visa were turned off, it would send us back to the 1950s," said a banking executive."
""We need a sovereign payments system.""
""Visa, Mastercard - the urgent issue is our payment system. Trump can cut everything off... You can't say you weren't warned.""
Fears have risen that Donald Trump could block or restrict access to Visa and Mastercard through executive action. Analysts warn that disrupting those networks would destabilise card-based commerce, given that the two firms process 95% of UK card transactions. A shutdown could halt online shopping, interrupt payrolls, and impede international trade. Past sanctions in Russia forced both companies to stop roughly 60% of transactions, leaving many citizens without access to money. European politicians have urged stronger payment sovereignty and warned of the risks of weaponising global payment networks.
Read at London Business News | Londonlovesbusiness.com
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