ThePayments landscape is shifting as regulatory pressure and rising push for alternate, regional networks threaten Mastercard’s dominance, with UK banks exploring a domestic rival network that could alter fee structures.

A UK domestic payments initiative, DeliveryCo, aims to reduce reliance on Visa and Mastercard, supported by government and City investors, with Barclays UK’s Vim Maru chairing the first meeting.

DeliveryCo is backed by government support and City investors, and the first planning meeting is set for the coming Thursday.

UK Finance provided administrative support but declined to comment on specifics, while the Treasury and Bank of England offered only general encouragement.

Barclays UK chief Vim Maru is leading the development of DeliveryCo, with technical support from the Bank of England, and a potential launch date pushed to as late as 2030.

Mastercard continued to return value to shareholders with a quarterly dividend, even as the payments landscape grows more uncertain.

Key institutions involved include Santander UK, NatWest, Nationwide, Lloyds Banking Group, Link, Coventry Building Society, with Visa and Mastercard remaining stakeholders.

Officials from the Bank of England and other UK authorities view DeliveryCo as increasing payments resilience, though they do not attribute the shift to US threats alone.

Industry voices warn against over-reliance on US-controlled systems and advocate for sovereign or regional alternatives to reduce vulnerability.

Mastercard’s stock has shown volatility amid these developments, with competitors also fluctuating; executives are preparing strategic communications for upcoming conferences.

Visa and Mastercard reiterate commitment to the UK market, emphasizing resilience and consumer choice in payment options.

UK bank chiefs are convening to form DeliveryCo, a national alternative payments network intended to lessen dependence on Visa and Mastercard.