British banks to discuss creation of national alternative to Visa and Mastercard

The heads of UK banks will hold the first meeting on the creation of a national alternative to the American Visa and Mastercard payment systems. This was reported on February 16 by The Guardian newspaper.

The meeting is scheduled for February 19 under the leadership of the head of Barclay's, Wim Maru. The decision to create its own payment system is due to concerns that the administration of US President Donald Trump may restrict the UK's access to Visa and Mastercard.

"If Visa and Mastercard are disabled, it will take us back to the 1950s. Of course, we need a sovereign payment system," said one of the country's financial leaders.

Talks about a national payment system have been going on for several years, but recent threats have increased concerns about dependence on American companies, given that Visa and Mastercard accounted for 95% of payments in the country in 2025. According to the publication, the new system can be launched before 2030.

Risk-free cards: Visa and Mastercard will be withdrawn from circulation

Banks will notify customers in advance when they need to replace the plastic

Earlier, on January 30, it was reported that Visa and Mastercard bank cards are becoming less secure due to the expiration of security certificates from January 1, 2025. After that, the card's chip may stop checking the transaction code correctly, which increases the risk of data theft. Although the cards retain partial functionality, their use increases the likelihood of fraud, and there are fewer and fewer effective ways to protect outdated cards.

All important news is on the Izvestia channel in the MAX messenger.