UK Banks Launch Payment Infrastructure Rival to Visa and Mastercard

Visa and Mastercard's UK dominance is facing a challenge as major banks launch an initiative to create a new domestic payments infrastructure. The UK Payments Delivery Company (PDC), formed by these banks, will raise approximately £50 million through an equity issue on Tuesday to fund its development until 2028.

The PDC aims to serve as an alternative to Visa and Mastercard in the UK, which could potentially disrupt their market share. A search is already underway for a chief executive to lead the new entity.