UK bank leaders plan a Visa and Mastercard rival over Trump concerns
UK bank leaders are planning to create a new national payment system to reduce the country’s dependence on US companies like Mastercard and Visa. This plan comes amid concerns that former US President Donald Trump could, in extreme circumstances, influence US-owned financial networks in ways that might affect other countries.
The first meeting about the new system will take place this Thursday. It will be chaired by Vim Maru, the UK chief executive of Barclays. Senior figures from major banks and financial companies in the City of London will attend. These institutions will help pay for the setup of a new payments company. The main goal is to ensure the UK economy can continue operating smoothly if there is ever a disruption to existing card networks.
The idea of a UK-based alternative to Mastercard and Visa is not new. It has been discussed for several years and has support from both the financial industry and the government. However, recent global political tensions have made the issue more urgent. Trump’s recent comments about NATO allies and Greenland have increased concerns that relying too heavily on foreign-owned systems could create risks for the UK’s financial stability.
Currently, about 95% of card payments in the UK go through Mastercard or Visa. This figure comes from a 2025 report by the UK’s Payment Systems Regulator. As fewer people use cash, card and digital payments have become essential for everyday life. Most shops, businesses, and service providers depend on electronic transactions.
One executive involved in the project said that if Mastercard and Visa were ever switched off, it would push the UK back to a time when cash was the main form of payment. In that situation, many businesses could struggle, and consumers might face serious difficulties. The executive said the UK needs a “sovereign” payments system — meaning a system it fully controls itself.
The possible impact of losing access to US payment networks can be seen in other countries. In Russia, where around 60% of payments depended on Visa and Mastercard, US sanctions led to both companies stopping their services. This left many people unable to access funds or make purchases in the usual way.
Similar discussions are taking place in the European Union. Some EU politicians have called for the creation of local payment networks that cannot be easily shut down by foreign governments. For example, Aurore Lalucq, who chairs the European Parliament’s economic and monetary affairs committee, recently warned that relying on US companies for payments is risky. She urged the European Commission to build a strong, independent European system.
In the UK, however, the approach is more cooperative. Mastercard and Visa are not being pushed out. Instead, both companies are part of the group supporting the new project. This gives them a role in discussions alongside other major banks and organisations such as Santander UK, NatWest, Nationwide, Lloyds Banking Group, Link, and Coventry Building Society.
UK officials have emphasized that the new system is meant to act as a backup rather than replace existing networks. Bank of England Deputy Governor Sarah Breeden recently said that in a world of increasing cyber and operational risks, having an extra payment option would add resilience to the UK’s financial system.
Joe Garner, former chief executive of Nationwide and a government adviser on national payments strategy, said that political changes are not the only reason for the move. He explained that the UK needed a stronger payments infrastructure before recent global events, and that need has not changed.
The new system is currently known as DeliveryCo. City funders will manage its legal structure, leadership plans, and funding model. Meanwhile, the Bank of England will prepare technical plans and infrastructure designs, which will be handed over to the group next year.
The new UK payments system is expected to be ready by 2030. Mastercard and Visa said they remain committed to the UK market and welcome fair competition. They both stated that they will continue to provide secure and reliable payment services to British consumers and businesses.
Published: 17th February 2026
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