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

submitted 12 hours ago* (last edited 12 hours ago) by masterofnone@piefed.social to c/unitedkingdom@feddit.uk

3 comments fedilink hide all child comments

About damn time!

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

top 3 comments

sorted by: hot top controversial new old

[-] blackn1ght@feddit.uk 13 points 11 hours 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?

[-] scott@lem.free.as 3 points 2 hours ago

If you're going to lose out to a competitor, better to have a stake in them to reduce the fallout.

[-] masterofnone@piefed.social 5 points 10 hours ago

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

this post was submitted on 16 Feb 2026

56 points (100.0% liked)

United Kingdom

6522 readers

244 users here now

General community for news/discussion in the UK.

Less serious posts should go in !casualuk@feddit.uk or !andfinally@feddit.uk
More serious politics should go in !uk_politics@feddit.uk.

Try not to spam the same link to multiple feddit.uk communities.
Pick the most appropriate, and put it there.

Posts should be related to UK-centric news, and should be either a link to a reputable source, or a text post on this community.

Opinion pieces are also allowed, provided they are not misleading/misrepresented/drivel, and have proper sources.

If you think "reputable news source" needs some definition, by all means start a meta thread.

Posts should be manually submitted, not by bot. Link titles should not be editorialised.

Disappointing comments will generally be left to fester in ratio, outright horrible comments will be removed.
Message the mods if you feel something really should be removed, or if a user seems to have a pattern of awful comments.

founded 2 years ago

MODERATORS

tom@feddit.uk

GreatAlbatross@feddit.uk

frankPodmore@slrpnk.net