UK bank bosses plan to set up Visa and Mastercard alternative amid Trump fears (www.theguardian.com)

submitted 1 day ago* (last edited 1 day ago) by masterofnone@piefed.social to c/unitedkingdom@feddit.uk

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About damn time!

I never understood how such a foreign duopoly was able to be created in an industry we dominate in.

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[-] blackn1ght@feddit.uk 13 points 1 day ago

However, the UK is taking a less aggressive stance, with Visa and Mastercard working within the initiative.

Both companies are part of the new funders group, giving them a stake and a say alongside a large number of banks and payment companies including Santander UK, NatWest, Nationwide, Lloyds Banking Group, the ATM network body Link, and Coventry Building Society.

I'm confused, Visa and MasterCard are involved in the project that's looking to replace them?

[-] masterofnone@piefed.social 5 points 1 day ago

Yes that is an odd bit. Will have to see how it develops.

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this post was submitted on 16 Feb 2026

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