Imagine tapping your card for morning coffee and seeing “Declined” simply because of a political spat across the ocean. This nightmare scenario has British banking leaders racing to build a safety net. Top financial bosses are meeting this Thursday to fund a British rival to Visa and Mastercard. They aim to protect the economy from being held hostage by US foreign policy.
The urgency comes from growing fears that Donald Trump could weaponize American payment networks. With 95% of UK transactions relying on just two US companies, the nation is dangerously exposed. A sudden disruption could freeze commerce and effectively send the UK economy back to the 1950s.
Secret Summit to Launch British Payment Rival
A critical gathering of the UK’s most powerful banking figures is set for Thursday. The summit is chaired by Vim Maru, the UK chief executive of Barclays. The goal is clear and urgent. They must secure funding for a new national payments champion.
This initiative is currently known by the codename “DeliveryCo.” It is not just a concept anymore. The banks are moving to the execution phase to build a sovereign payment infrastructure.
Senior leaders from major institutions like Lloyds, NatWest, and Santander are expected to join the talks. They plan to pool resources and finance a system that bypasses American intermediaries.
This project has been discussed quietly for years. However, the timeline has accelerated rapidly in recent weeks. The banking sector realizes that waiting is no longer an option.
Political Tensions Raise Risk of Economic Blackout
The driving force behind this sudden speed is the geopolitical climate. Donald Trump’s return to the spotlight has brought unpredictable foreign policy back into focus. Recent aggressive rhetoric regarding trade tariffs and disputes over territories like Greenland has spooked the City of London.
Bankers fear that payment systems could become the next tool for diplomatic leverage. If the US government decided to restrict British access to American tech, the results would be catastrophic.
Key vulnerabilities identified by UK finance chiefs:
- Over-reliance: 95% of card payments run on US-owned rails.
- No Backup: There is currently no domestic alternative that can handle mass volume.
- Political Leverage: US sanctions or policy shifts could hit UK consumers instantly.
The Payment Systems Regulator has warned about this for some time. Their 2025 report highlighted the risks of a duopoly. Now, those risks look like immediate threats.
A senior banking source stated that true sovereignty is impossible without financial independence. You cannot control your economy if you do not control the switch that moves the money.
Rising Fees and Squeezed Retailers Demand Change
It is not just fear of Donald Trump driving this change. There is also a massive financial incentive to break away from the giants. British retailers have long complained about the soaring fees charged by Visa and Mastercard.
Every time you tap your card, a small percentage vanishes into American pockets. These scheme fees have risen significantly over the last five years.
The Impact of Current Fees:
| Affected Group | The Problem | The Result |
|---|---|---|
| Small Shops | High processing costs eat into thin profits. | Higher prices on shelf items. |
| Consumers | Hidden costs are passed down to shoppers. | Increased cost of living. |
| UK Economy | Billions of pounds leave the country annually. | Reduced domestic investment. |
“DeliveryCo” promises to slash these costs. By using direct bank-to-bank technology, the new system could cut out the middleman entirely. This would keep more money circulating within the British Isles.
Merchants are desperate for an alternative. A domestic system would allow shops to accept digital payments without paying a premium to foreign corporations.
Building a Sovereign Digital Wallet for the Future
The proposed solution uses “Open Banking” technology. This allows money to move directly from a customer’s bank account to the retailer. It works instantly and securely without needing a plastic card network.
Customers might not even notice a huge difference in how they pay. It could look like a simple button on a website or a QR code in a store. The difference happens in the background where the data and money stay on British soil.
Creating this system is a massive technical challenge. It requires all major banks to agree on a single standard. This is why the summit chaired by Barclays is so critical.
If successful, the UK would join countries like Brazil and India. Those nations have already built their own wildly successful national payment systems. Brazil’s “Pix” system has revolutionized how people pay and proved that breaking the US duopoly is possible.
The technology is ready. The money is ready. Now, the banks just need the political will to push the “Start” button this Thursday.
This is a race against time. Every day the UK relies solely on US systems is another day the economy remains vulnerable to external shocks.
The meeting this week could mark the beginning of the end for the Visa and Mastercard dominance in Britain. It is a bold move to reclaim financial independence.
UK banking leaders are holding an emergency summit to fund “DeliveryCo,” a domestic rival to Visa and Mastercard. The move is driven by fears that Donald Trump’s unpredictable policies could disrupt US-owned payment networks, which handle 95% of UK transactions. Led by Barclays boss Vim Maru, the initiative aims to lower fees for retailers and ensure the British economy cannot be switched off by foreign powers.
