In a significant move, major banks in the UK have begun discussions to establish an independent payment network, aiming to provide an alternative to the predominantly US-led systems of Visa and MasterCard. This initiative comes in response to concerns about potential misuse of international payment networks by the US government, particularly under the Trump administration, which had raised fears among UK economic leaders about excessive dependence on US financial structures. A meeting, hosted by Barclays CEO Ben Marlow, is set to convene on the 19th, focusing on the establishment of this new domestic payment system, driven by financial investors in London and supported by the government.

The urgency for a domestic payment system stems from growing fears that the UK's economic stability could be jeopardized due to dependence on American payment systems, especially with past threats and sanctions causing significant disruption to countries reliant on these platforms. An anonymous source pointed out that if Visa and MasterCard were ever to cease operations, it could revert the UK economy to a state resembling pre-1950s conditions, pre-dating the heavy reliance on credit card transactions. This reflects broader concerns similar to those seen in Russia, which experienced chaos when both Visa and MasterCard halted their services following US sanctions related to the Ukraine conflict.

The trend within Europe is similarly evolving, with strong calls for the establishment of a payment network that cannot be blocked by foreign entities. Aurélie Laluc, chair of the European Parliament's Economic and Monetary Affairs Committee, emphasized the importance of a European-owned payment system in ensuring economic sovereignty. He likened the need for such a platform to the development of Airbus as a European counterpart in the aviation industry, urging for a consolidated effort to create a secure and independent payment infrastructure that is insulated from external political pressures.