Senior UK banking executives are preparing to meet to discuss the creation of a national card payments alternative to Visa and Mastercard, in a move aimed at reducing reliance on US-owned networks and strengthening payment system resilience.

According to a report by The Guardian, the initiative would involve a group of major UK banks and payment firms, with support from the government, to establish a domestic payments company capable of operating alongside or independently of the existing global card schemes.

The discussions come amid growing geopolitical concerns and the risk that foreign-owned payment systems could be disrupted during political or economic tensions. About 95% of UK card transactions currently run on Visa or Mastercard infrastructure, highlighting the country’s heavy dependence on the two networks.

The project, reportedly known as DeliveryCo, would be funded by City institutions, with the Bank of England contributing to the infrastructure design. The system is expected to act as an additional payment rail to improve resilience in the event of operational or geopolitical disruptions.

While the initiative has been under consideration for several years, recent geopolitical developments have accelerated momentum. However, officials stress that the objective is not to replace existing networks outright but to provide a domestic backup and enhance competition.

Visa and Mastercard are also said to be involved in the industry discussions, indicating that the project may be positioned as a complementary infrastructure rather than a direct rival.

The new payments system is reportedly targeted for launch by around 2030, subject to funding, governance, and technical development milestones.

Source: The Guardian – UK bank bosses plan to set up Visa and Mastercard alternative