UK Banks Accelerate Plans for Domestic Card Payments Network Amid Concerns Over Reliance on US-Owned Networks

The UK is considering a government-backed alternative to Visa and Mastercard, aiming to reduce dependence on US-owned payment networks. Industry experts believe that a domestic payment network would strengthen the country's financial infrastructure and reduce single points of failure. The new network must integrate seamlessly with existing card and account-to-account ecosystems and be commercially viable for issuers and acquirers. This move is part of the UK's National Payments Vision, which aims to modernize infrastructure and promote resilience.