UK banks plan a homegrown payments network as an alternative to Mastercard and Visa

British banks, backed by the government, are planning a domestic payments network and will meet tomorrow to discuss a company nicknamed DeliveryCo; Visa and Mastercard currently process about 95% of UK card transactions.

British bank leaders are planning a homegrown payments network to provide an alternative to Visa and Mastercard. The project is reported as backed by the government. A meeting chaired by Barclays UK boss Vim Maru is due tomorrow, with senior figures from major banks expected to attend. The initiative is described as aiming to keep card payments working if international systems fail. Key points: - The project is reported as government-backed and aims to create a UK payments system. - A meeting chaired by Vim Maru is scheduled for tomorrow to discuss funding and governance of a company nicknamed DeliveryCo. - Visa and Mastercard currently handle around 95% of card transactions in the UK. - The Bank of England said a sovereign system would provide extra resilience and officials have indicated a UK solution could be ready by 2030. Summary: The plan seeks to reduce reliance on foreign payment networks by establishing a domestic alternative. The immediate next step is a scheduled meeting of bank leaders to discuss funding and governance. Undetermined at this time.