UK Banks Unite for £50m Payments Giant Backed by Mastercard and Visa

Britain's biggest banks are teaming up to launch a new payments giant, backed by Mastercard and Visa. The UK Payments Delivery Company (PDC) is raising £50m through an equity capital raise to finance its project until 2028.

The PDC is an industry-owned organisation that has been working with the Treasury and Bank of England to develop a domestic payments alternative to Mastercard and Visa.

19 top financial services groups, including Barclays, Lloyds, Natwest, HSBC, JP Morgan, Wise, and Paypal, have united in support of the PDC's early setup. Mastercard and Visa have also participated in the foundation work.

The cash raised will help finance the project until 2028, with Vim Maru, the chief executive of Barclays UK, leading the group as chair designate. The PDC is currently searching for a permanent chief executive.