A Pragmatic Hedge: The UK Moves Towards Payment Resilience

In this paper, we discuss:

• The UK is developing a domestic payments system to reduce reliance on Visa and Mastercard;
• Heavy dependence on foreign providers creates structural vulnerabilities in payment infrastructure;
• The initiative reflects long-term structural reform rather than a direct geopolitical response;
• The new system aims to enhance resilience and competition while maintaining interoperability;
• Its success will depend on adoption, integration, and seamless connection to global networks.

Download PDF: A Pragmatic Hedge – March 2026