Executives from the UK’s leading banks are set to hold a first strategic meeting dedicated to creating a national alternative to Visa and Mastercard, The Guardian reports. The meeting is scheduled for February 19 and will be chaired by Barclays UK CEO Vim Maru.
The initiative to establish a British payment system has been discussed for several years. The project is funded by a group of investors from London’s financial sector and is supported by the government. However, according to the newspaper, recent geopolitical developments have given the plan fresh momentum.
The acceleration is driven by concerns that, in the event of a political conflict, the United States could restrict access to its payment networks. In particular, threats made by Donald Trump toward NATO allies, in the context of Greenland, have heightened worries within British business circles about excessive dependence on American financial companies.
“If Mastercard and Visa were switched off, it would take us back to the 1950s. We need a sovereign payment system,” The Guardian quotes a senior executive familiar with the project as saying.
British officials stress the importance of having a backup infrastructure, while avoiding explicit statements that their concerns are directly tied to Washington.
Participants in the initiative include Santander UK, NatWest, Nationwide Building Society, Lloyds Banking Group, the ATM network operator Link, and Coventry Building Society. Notably, Visa and Mastercard are also involved in the project as investors. Representatives of the two US payment giants have reaffirmed their commitment to the UK market and welcomed increased competition.
The new national payment system could become operational by 2030.
