c/unitedkingdom · by masterofnone@piefed.social · 182d

UK bank bosses plan to set up Visa and Mastercard alternative amid Trump fears

https://www.theguardian.com/business/2026/feb/16/uk-bank-bosses-plan-visa-mastercard-alternative

About damn time!

I never understood how such a foreign duopoly was able to be created in an industry we dominate in.

61 points · 3 comments · view on lemmy.world

3 Comments

blackn1ght@feddit.uk · 13 pts · 182d (2 replies)

However, the UK is taking a less aggressive stance, with Visa and Mastercard working within the initiative.

Both companies are part of the new funders group, giving them a stake and a say alongside a large number of banks and payment companies including Santander UK, NatWest, Nationwide, Lloyds Banking Group, the ATM network body Link, and Coventry Building Society.

I'm confused, Visa and MasterCard are involved in the project that's looking to replace them?

masterofnone@piefed.social · 5 pts · 182d

Yes that is an odd bit. Will have to see how it develops.

scott@lem.free.as · 3 pts · 182d

If you're going to lose out to a competitor, better to have a stake in them to reduce the fallout.