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UK Banks Explore Local Alternatives to Visa, Mastercard

2/18/2026

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Summary

Story summary

UK bank leaders will meet to discuss a national alternative to Visa and Mastercard due to reliance on US payment systems amid political tensions.
The meeting is chaired by Vim Maru, Chief Executive Officer of Barclays.
About 95% of UK card transactions rely on Visa and Mastercard.
The European Payments Initiative is building a competitive European payments ecosystem with multiple options.
Visa and Mastercard support the European Payments Initiative.

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Story summary

UK bank leaders will meet to discuss a national alternative to Visa and Mastercard due to reliance on US payment systems amid political tensions.
The meeting is chaired by Vim Maru, Chief Executive Officer of Barclays.
About 95% of UK card transactions rely on Visa and Mastercard.
The European Payments Initiative is building a competitive European payments ecosystem with multiple options.
Visa and Mastercard support the European Payments Initiative.