The CEOs of the largest British banks, led by Barclays, have begun work on creating a national alternative to the American payment giants Visa and Mastercard. This initiative is motivated by growing concerns about the country's financial stability in the face of the unpredictable policies of the Donald Trump administration. The new system aims to make the British economy independent from external operators, who currently control nearly 95 percent of cashless transactions in the country.

End of American Monopoly

British banks plan to break the dominance of Visa and Mastercard, which control nearly 95 percent of the cashless payment market in the United Kingdom.

Fears Over Donald Trump

The main motive for accelerating work is fear of the unpredictability of U.S. policy and the risk of sudden disconnection from American financial infrastructure.

Barclays Leading the Changes

The decisive meeting is chaired by Vim Maru from Barclays, and the goal is to establish a new company handling domestic payments.

The largest financial institutions in the United Kingdom are accelerating work on creating an independent, national payment system. This decision stems from increasing anxiety in the banking and government sectors that the U.S. administration under Donald Trump could use the dominance of the Visa and Mastercard systems as a tool for political pressure. According to a report by the British payment markets regulator, both entities currently handle as much as 95 percent of card transactions in the United Kingdom. Such market concentration is now seen not only as an antitrust problem but primarily as a threat to national security. After Russia's attack on Ukraine in 2022, the Visa and Mastercard systems suspended operations in the Russian market as part of sanctions, which almost immediately paralyzed international trade and card transactions issued by Russian banks there. The first formal meeting on this matter, chaired by Vim Maru, head of the domestic bank Barclays, is scheduled for this Thursday. The goal of the talks is to determine the funding structure for the new company that would manage the British payment network. This project is not a new idea, as discussions about the need for diversification have been ongoing in London for years, but Donald Trump's victory in the presidential election became the direct catalyst for moving from the conceptual phase to action. British experts fear a scenario in which the United States could unilaterally "cut off" access to its financial infrastructure as part of trade or diplomatic disputes. 95% — of British transactions are currently handled by Visa and Mastercard The new system is to guarantee the liquidity of cashless transactions even in the event of a complete blockade by American operators. Although technical details have not yet been fully disclosed, it is assumed that it will be a solution based on modern instant transfer technologies, which would bypass the costly and risky transatlantic infrastructure. This initiative fits into the broader trend of building digital and financial sovereignty by European countries, which are seeking to secure their key economic interests against sudden changes in geopolitics.

[{"dataISO": "2026-02-16", "data": "February 16, 2026", "wydarzenie": "Banks' plans revealed by media"}, {"dataISO": "2026-02-19", "data": "February 19, 2026", "wydarzenie": "First meeting of bank CEOs led by Barclays"}, {"dataISO": "2026-03-31", "data": "March 2026", "wydarzenie": "Planned presentation of preliminary funding model"}]

Liberal media emphasize the need to protect economic sovereignty from the unpredictability of populist leaders from the USA. | Conservative media focus on the costs of new infrastructure and the need for bold policy to make London independent from global powers.

Mentioned People

  • Vim Maru — Head of the British branch of Barclays bank, chairing the meeting on the new payment system.
  • Donald Trump — President of the United States, whose policy raises concerns in the British banking sector.