UK banks are moving to reduce reliance on Visa and Mastercard by developing a domestic payment system called
DeliveryCo, aimed at safeguarding the economy from potential disruptions in US-controlled networks. Senior executives from major banks, including Barclays, NatWest, and Lloyds, are leading the initiative, which is
backed by the UK government and supported by the Bank of England.
Geopolitical concerns, particularly fears tied to former President Donald Trump’s foreign policy stances—such as recent tensions over Greenland—have intensified worries that the US could restrict access to critical payment infrastructure. With
about 95% of UK card transactions currently processed through Visa and Mastercard, officials warn that a shutdown would effectively "send us back to the 1950s" in terms of financial operations.
The new system is not intended to replace Visa and Mastercard outright, but to serve as a resilient, sovereign backup. Both companies are participating in the project, which aims to have infrastructure blueprints ready by next year and a functional system
by 2030. Similar efforts are emerging across Europe, reflecting a broader push for
digital payment sovereignty.
@Chrishaune