British Banks Join Forces to Challenge Visa and Mastercard

Major UK banks are planning to establish a new domestic payments infrastructure that could challenge the dominance of Visa and Mastercard in the country's market. The development comes after Sky News reported that Britain's largest banks will launch an equity raise on Tuesday, seeking approximately £50 million from industry participants.

The funds raised will finance the UK Payments Delivery Company (PDC) through 2028 and cover its incorporation and mobilization stages. A search for a chief executive for the new company is already underway.