UK Banks Plan Visa Mastercard Alternative Amid US Unreliability Fears
UK bank bosses are set to convene for their inaugural meeting to establish a national alternative to dominant payment systems like Visa and Mastercard. This initiative, driven by concerns over potential disruptions to US-owned payment networks, aims to ensure the UK economy’s resilience. The proposed system, known as DeliveryCo, will be City-funded and government-backed, with the goal of being operational by 2030. While past discussions highlighted the need for a sovereign payment system, recent geopolitical tensions have amplified these concerns, underscoring the vulnerability of a near-complete reliance on foreign-owned infrastructure for the vast majority of UK card transactions.
John Q. Hosedrinker