British bank bosses will meet this week to discuss establishing an alternative national payments network to Visa and Mastercard.
The idea has gained traction as fears mount that Donald Trump could at some point turn off international payment systems for political reasons.
The meeting, chaired by Barclays UK boss Vim Maru, will bring together City figures who will fund a national payments company.
US giants Visa and Mastercard dominate the payment landscape. Most card transactions in the UK are made using payment systems owned by the two companies, according to the Payment Systems Regulator.
Mastercard says this week’s meeting is part of a longstanding process to build the next generation of payments in the UK.
While a City-funded and government-backed alternative has been discussed for years, plans have stepped up a notch in the face of Trump’s recent threats against Nato allies.
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Has this got anything to do with the European product in the planning stage ?