UK bank bosses are set to hold their first meeting this Thursday to establish a national alternative to Visa and Mastercard, driven by concerns over Donald Trump’s ability to disrupt US-owned payment systems. The meeting, chaired by Barclays’ UK chief executive Vim Maru, will bring together City funders to front the costs of a new payments company designed to keep the UK economy running in the event of problems.
About 95% of UK card transactions are processed by Visa and Mastercard, according to a 2025 report by the Payment Systems Regulator. This dominance has become more significant as cash use declines. One executive familiar with the project said that if those systems were turned off, it would send the UK back to the 1950s, highlighting the need for a sovereign payments system.
Trump’s recent threats against Nato allies over Greenland have amplified longstanding fears. The potential disruption is underscored by Russia, where US sanctions forced Visa and Mastercard to halt services, leaving ordinary people without access to funds. Similar concerns are being raised in the EU, where politicians have called for locally owned networks. However, the UK is taking a less aggressive approach, with Visa and Mastercard included in the new funders group alongside banks such as Santander UK, NatWest, Nationwide, Lloyds, and the ATM network Link.
The Bank of England’s deputy governor Sarah Breeden has said the system could provide extra resilience in the UK payments landscape as an additional payment rail during operational disruption. Former Nationwide chief executive Joe Garner, who advised the government on payments, stressed that the UK needs to update its infrastructure regardless of political developments.
City funders will create the legal structure and leadership plans for the new system, known as DeliveryCo, while the Bank of England develops infrastructure blueprints to be handed over next year. The new system is expected to be in place by 2030. Visa and Mastercard have expressed commitment to the UK and welcomed competition.
