UK banks to consider national alternative to Visa and Mastercard
UK banks are planning to discuss the creation of a national payment system as an alternative to Visa and Mastercard. The meeting is scheduled for February 19 under the leadership of Barclay's head Wim Mari. The move stems from concerns that President Donald Trump’s administration might restrict the UK’s access to these payment networks.
The initiative to establish a domestic payment system reflects a desire to protect the financial infrastructure from external risks, including potential sanctions or trade limitations. A national payment network would provide greater independence from foreign technology companies.
Looking ahead, this development could enhance the UK’s technological sovereignty and security in financial transactions, potentially triggering broader changes in the country's payment landscape.
