Britain’s Banks Back DeliveryCo to Challenge Visa’s 95% UK Market Share
Britain’s largest banks plan a new British payments platform to handle 50 billion annual transactions currently split 95% between Visa and Mastercard. The scheme, DeliveryCo, is backed by Barclays, NatWest, Lloyds, Santander and Nationwide and aims to reduce reliance on US card networks over geopolitical risks.
1. British Banks Plan DeliveryCo
The UK’s major retail banks—Barclays, NatWest, Lloyds, Santander and Nationwide—have convened to develop DeliveryCo, a domestic payments platform designed to process 50 billion transactions annually. The blueprint aims to establish full account-to-account settlement capabilities and provide an operational alternative to existing card networks.
2. Geopolitical Motivations
Concerns over potential political interference in US-based payment networks have driven the push for DeliveryCo. Officials and bank executives warn that reliance on Visa and Mastercard, which currently handle roughly 95% of UK card transactions, could expose the economy to external risks if access were curtailed.
3. Visa’s Market Position and Response
Visa and Mastercard dominate UK card payments, and a Visa spokesperson reaffirmed the company’s commitment to secure, reliable digital transactions for British consumers and businesses. Industry stakeholders expect continued dialogue on system resilience as DeliveryCo development advances.