Exclusive: First meeting to be held over domestic payments system aimed at reducing reliance on US networks
UK bank bosses will hold their first meeting to establish a national alternative to Visa and Mastercard, amid growing fears over Donald Trump’s ability to turn off US-owned payment systems.
The meeting, chaired by Barclays’ UK chief executive, Vim Maru, will take place this Thursday and bring together a group of City funders that will front the costs of a new payments company to keep the UK economy running if problems were to occur.
The City-funded, but government-backed, initiative has been under discussion for years. However, Trump’s recent threats against Nato allies over Greenland have amplified concerns that an over-reliance on US companies could put UK payments – and the wider economy – at risk.
About 95% of UK card transactions are made using payment systems owned by Mastercard and Visa, according to a 2025 report by the UK’s Payment Systems Regulator. That dominance has become far more relevant as cash use across the country continues to decline.
Yeah, would be stupid of the UK to not try and negotiate with the EU about being involved.
Ah, but if they get in on an existing system like Wero, how are they going to pay themselves for building it?