UK Banks Plan Visa/Mastercard Rival Amid Trump-Caused Payment System Fears

UK banks are accelerating plans for a domestic payments network to ensure continuity if U.S. networks are disrupted. Major lenders including Barclays, NatWest, Lloyds, Santander, and Nationwide will meet to finalize a blueprint for DeliveryCo, a real-time account-to-account payments system. The initiative, supported by the Bank of England's Retail Payments Infrastructure Board, seeks to reduce reliance on Visa and Mastercard, which process about 95% of UK card transactions. Concerns stem from fears that President Trump might weaponize U.S. payment systems amid escalating geopolitical tensions.