UK Banks Plan to Set Up a Domestic Card Scheme

UK banks have announced plans to create a domestic alternative to Visa and Mastercard, aiming to reduce dependence on US payment networks and enhance financial resilience. This initiative is part of a broader global trend toward monetary sovereignty, accelerated by the election of Donald Trump and geopolitical tensions. The future of payments is expected to be hybrid, with cash playing a crucial role alongside digital innovations.

In February 2026, the United Kingdom’s largest banks – Barclays, Lloyds, NatWest, Santander, and Nationwide – as well as ATM network LINK, gathered to accelerate plans for a domestic alternative to Visa and Mastercard.

This initiative, backed by the UK government and the Bank of England, is a strategic move to reduce the country’s dependence on US-controlled payment networks, which currently handle 95% of all UK card transactions. The project – code-named DeliveryCo – is expected to be operational by 2030, and framed as a ‘resilience measure,’ designed to protect the UK from potential disruptions, such as US sanctions or technical failures that could cripple the economy.