Senior executives at several of the United Kingdom’s largest banks are examining proposals to develop a domestic card payments network that could operate as an alternative to Visa and Mastercard, reflecting heightened concern over geopolitical risk and the resilience of Britain’s financial infrastructure.

Industry figures involved in early-stage discussions say the initiative is motivated in part by fears that political turbulence in the United States — including the potential return of Donald Trump to the White House — could introduce uncertainty into global payments systems dominated by American firms.

While no formal break with Visa or Mastercard is under consideration, the conversations signal a strategic desire to ensure continuity of service and national control in the event of sanctions, regulatory conflict or trade disputes affecting cross-border transactions.

Visa and Mastercard currently process the overwhelming majority of card payments in the UK, underpinning retail spending, online commerce and contactless transactions.

Bank leaders are understood to be assessing whether a UK-based scheme, potentially supported by domestic clearing infrastructure and interoperable with existing systems, could offer redundancy and competitive pressure in a highly concentrated market.

Those familiar with the discussions stress that the concept remains exploratory and would require significant investment, regulatory approval and industry coordination.

Building a viable alternative would involve complex technological integration with merchants, payment processors and international partners, as well as careful alignment with existing standards governing fraud prevention and consumer protection.

The debate unfolds against a broader reassessment across Europe of dependence on global financial networks headquartered outside the region.

Policymakers and central banks have increasingly emphasised strategic autonomy in payments, data and digital infrastructure, particularly as geopolitical tensions intensify.

Banking sources indicate that any new scheme would aim to complement rather than abruptly replace established providers, focusing on resilience and competition rather than disruption.

Nonetheless, the fact that senior executives are actively reviewing such options underscores how political developments in Washington are influencing boardroom calculations far beyond US borders.

For now, Visa and Mastercard continue to operate without disruption in the UK market.

But the emerging discussion signals that, in an era of shifting alliances and trade uncertainties, financial institutions are weighing structural safeguards to protect the continuity and sovereignty of core payment systems.