Senior UK banking figures are set to hold their first meeting this week to establish a British alternative to Visa and Mastercard, amid growing concerns that U.S. President Donald Trump could one day use his position to close off access to the payment rails, The Guardian reported. 

The initiative, which is funded by the City and backed by the government, has been in the works for years but has gained urgency amid heightened anxiety that the Trump administration is increasingly willing to threaten America’s European allies, according to the report, which cited the U.S. leader’s recent threats to seize Greenland from Denmark.

An estimated 95% of UK card transactions rely on Visa and Mastercard networks, according to a 2025 report cited by The Guardian. That reliance has grown more consequential as consumers continue to shift away from cash payments.  

One executive familiar with the initiative told the newspaper that, if Visa and Mastercard were “turned off,” the UK would be pushed “back to the 1950s,” and argued the country needs “a sovereign payments system.”

The inaugural meeting of the initiative, scheduled for Thursday, will be chaired by Barclays’ UK CEO Vim Maru and will bring together City funders who are expected to underwrite the creation of a new payments company designed to keep transactions running if existing card rails fail, according to the report.

Read more at The Guardian