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UK bank bosses plan to set up Visa and Mastercard alternative amid Trump fears

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UK bank bosses will hold their first meeting to establish a national alternative to Visa and Mastercard, amid growing fears over Donald Trump’s ability to turn off U.S.-owned payment systems.

The meeting, chaired by Barclays’ UK chief executive, Vim Maru, will take place this Thursday and bring together a group of city funders that will front the costs of a new payments company to keep the UK economy running if problems were to occur.

About 95% of UK card transactions are made using payment systems owned by Mastercard and Visa.

Read more from The Guardian.

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