UK Banks Launch New Payments Infrastructure to Rival Visa and Mastercard

UK banks are reportedly launching a new payments infrastructure that could challenge Visa and Mastercard's dominance in the market.

The UK Payments Delivery Company (PDC) will launch an equity raise on Tuesday, aiming to secure approximately £50 million from industry participants, including banks, lenders, and payment services providers. This funding will finance the PDC through 2028, covering its incorporation and mobilization stages.

A search for a chief executive for the new company is already underway, indicating a potential shift in the UK's payments landscape.