UK banks want their own payments giant
Hey Digital Banking Fanatic!
What if the UK built its own payments network?
That’s the idea behind the newly formed UK Payments Delivery Company, which is seeking around £50m to get the project moving.
19 companies have provided initial funding and sponsorship, including the UK’s four biggest high street lenders, Citi, JPMorganChase, Nationwide, PayPal, and Wise.
The goal is to develop the next generation of UK payments infrastructure, with the potential to eventually become a domestic alternative to Mastercard and Visa.
And here’s the part that caught my attention: Visa and Mastercard have both been involved in the early work on the project.
So this isn’t simply about challenging the existing players. The two biggest card networks are also helping shape what comes next.
It’s still early, but this could give the UK another option for how payments work.
Here’s what else is happening in digital banking👇
See you tomorrow!
Cheers,
INSIGHTS
💡 The Global Neobanking Landscape. Revolut and Nubank now stand in a league of their own as the world’s two most valuable neobanks, while the UK leads Europe’s digital banking market. Japan, India, and South Korea have also produced several billion-dollar neobanks, but the valuation gap between the top two and the rest remains significant.
NEWS
🇬🇧 UK banks launch fundraising to build a new payments infrastructure vehicle, targeting £50m to fund the UK Payments Delivery Company. Nineteen firms including Barclays, HSBC, Citi, PayPal, and Wise back the entity, which aims to create a domestic alternative to Visa and Mastercard.
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