UK bank executives are convening for an inaugural meeting to develop a domestic alternative to Mastercard and Visa. The UK government supports the initiative to reduce national reliance on US-owned payment infrastructure. Proponents aim for the new system to be operational by 2030.
The move follows concerns that the British economy is vulnerable to US political volatility, specifically the potential weaponization of payment systems. Mastercard and Visa currently process approximately 95% of all UK card transactions. A network shutdown is viewed as a significant threat to national economic stability.
Mastercard responded by highlighting its decades-long investment in the UK. The company stated it remains committed to driving commerce within the country.