UK Bankers Explore Sovereign Payments System to Rival Visa’s 95% UK Market Share
Visa and Mastercard underpin 95% of UK payments, exposing Britain’s reliance on US-based infrastructure. Senior UK bankers met to evaluate creating a sovereign payments system as an alternative to Visa and Mastercard to guard against potential US diplomatic leverage.
1. Visa’s UK Market Dominance
Visa and Mastercard currently underpin 95% of card payments in the UK, reflecting decades of investment in secure, always-on global infrastructure. This US-centric backend supports billions of transactions worldwide and is deeply integrated into merchant and consumer payment processes.
2. Proposal for a Sovereign Payments Network
A group of senior UK bankers convened to assess the feasibility of building a national rival to Visa and Mastercard. The initiative aims to reduce dependence on US networks and mitigate diplomatic risk, though technical complexity, consumer inconvenience and transition costs pose significant obstacles.