UK bank leaders have scheduled their first meeting to discuss the possibility of creating a national alternative to the international payment systems 'Visa' and 'Mastercard', reports The Guardian, citing LETA referring to Meduza.
A meeting led by Barclays UK CEO Vim Maru is scheduled for February 19.
The initiative to create a national payment system, which would be financed by a group of London financial sector investors with the support of the UK government, has been discussed for many years. However, recent threats from US President Donald Trump to NATO allies regarding the situation around Greenland have heightened concerns that excessive dependence on American companies could jeopardize payment systems in the UK and negatively impact the economy as a whole, The Guardian reports.
"If the payment systems 'Mastercard' and 'Visa' are shut down, we will go back to the 1950s. Of course, we need an independent payment system," said a senior representative of the UK banking sector.
The Guardian notes that while British officials emphasize the need for a backup system, they refrain from making direct statements that the source of their concerns is threats from the US.
The new national payment system is expected to be implemented by 2030.
This initiative also involves 'Visa' and 'Mastercard', who view the emergence of competition positively.
