UK banks raise £50m for new domestic payments network

Major UK banks have begun raising funds to develop a new domestic payments infrastructure designed to serve as a national alternative to Visa and Mastercard. The initiative is being managed by the newly formed UK Payments Delivery Company (PDC).

The PDC aims to raise approximately £50 million initially from banks, credit institutions, and payment companies. These funds are intended to finance the company’s incorporation and mobilization stages through 2028. A search for a chief executive for the new entity is currently underway.

The project seeks to reduce the United Kingdom's reliance on American payment networks, which currently process roughly 95% of card transactions in the country. By establishing a domestic utility, proponents aim to modernize what is described as archaic infrastructure and increase national sovereignty over the financial systems used within Britain.