UK Banks Launch Payments Infrastructure Project to Challenge Visa and Mastercard

UK banks are reportedly launching a new payments infrastructure project that could challenge Visa's and Mastercard's dominance in the country. The UK Payments Delivery Company (PDC) aims to create a domestic payments utility, with an initial fundraising effort seeking £50 million from industry participants.

The PDC has already begun searching for its chief executive, as part of its incorporation and mobilization stages. This project represents a potential challenge to Visa's and Mastercard's control in the UK market.