Banking chiefs are set to hold an emergency meeting on Thursday to establish a national alternative to Visa and Mastercard amid growing fears that US political decisions could leave the country’s payment systems offline. The summit, chaired by Barclays’ UK chief executive Vim Maru, will bring together City funders who will finance the launch of a new payments company designed to safeguard the UK economy in the event of disruptions to existing US-owned systems.
The initiative, known internally as DeliveryCo, has been under discussion for several years, but recent threats from Donald Trump over Greenland and other foreign policy tensions have intensified concerns about reliance on US-controlled payment networks. About 95% of UK card transactions are processed through Visa and Mastercard, according to a 2025 report from the Payment Systems Regulator, making the country highly vulnerable should these systems be disrupted.
If Mastercard and Visa were “turned off”, the UK economy “would be sent back to the 1950s,” forcing businesses to rely solely on cash, one insider told The Guardian.
Cash usage has been steadily declining, increasing the nation’s exposure to potential digital payment failures. The risk is not hypothetical. In Russia, US sanctions forced Visa and Mastercard to suspend services, leaving people unable to access funds.
Similar concerns are now being raised across Europe, where policymakers are actively pursuing locally owned networks that cannot be switched off by foreign governments.
Aurore Lalucq, chair of the European Parliament’s economic and monetary affairs committee said: “Visa, Mastercard … the urgent issue is our payment system. Trump can cut everything off. The rest is poetry. I urgently request that the commission organise a European Airbus for payment systems: you can’t say you weren’t warned.”
Despite these warnings, the UK is pursuing a less confrontational approach. Both Visa and Mastercard are part of the new funders’ group, alongside major UK banks including Santander UK, NatWest, Nationwide, Lloyds Banking Group, and Coventry Building Society, as well as the ATM network Link.
This joint structure gives the US firms a stake in DeliveryCo while ensuring UK oversight. Officials have framed the project in terms of resilience rather than political risk.
Bank of England deputy governor Sarah Breeden: “In the context of a challenging and changing cyber and operational risk environment, it could provide a degree of extra resilience in the UK payments landscape, as an additional payment rail on the rare occasion of operational disruption to existing rails.”
Joe Garner, former Nationwide chief executive and adviser on national payments: “Regardless of any political developments, the UK needs to do this. We needed to before, we need to now … I don’t think that’s changed by recent events.”
City funders will be responsible for developing DeliveryCo’s legal structure, leadership plan and funding model, while the Bank of England will design the technical infrastructure, with plans expected to be handed over to the private sector next year.
Sources indicate the system could be operational by 2030. Both Visa and Mastercard have reaffirmed their commitment to the UK.
A Visa spokesman said: “We welcome the industry progress on account-to-account payments in the UK. We believe competition between multiple solutions, supported by a level playing field, will deliver choice, innovation and economic growth in the UK.”
A Mastercard spokesman said: “Mastercard has been fully invested in the UK for decades, delivering consumers and businesses with a wide range of convenient, simple and secure ways to pay and get paid. We remain committed to drive commerce here at home and across the globe by helping businesses of all sizes grow and meet the needs of their customers.”
UK Finance, which has administered the DeliveryCo project, the Treasury and the Bank of England have all been contacted for comment.