According to a UK Payment Systems Regulator report from last year, up to 95% of card transactions in the UK are made through Mastercard or Visa-owned systems. Although the ideas have been discussed for years, concerns about the UK’s excessive reliance on US corporations, which could affect the UK economy, have increased amid the current decline in transatlantic relations and Donald Trump’s threat to seize Greenland.
According to a project executive who spoke to The Guardian, shutting down Mastercard or Visa would “send the UK back to the 1950s. According to sources, the conference will be chaired by Vim Maru, the chief executive of Barclays UK. Lloyds Banking Group, Nationwide, NatWest, Santander, and other executives will also be there, along with UK Finance, which speaks for other sector voices including American Express.
Although the City will provide funding for the new payments system, the government supports it, and the Bank of England will also be involved in building the infrastructure around a new network. Plans for a new generation of retail payments infrastructure were presented by the Treasury last year.
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