Khaberni - The British newspaper "The Guardian" stated that major British banks are preparing to hold a meeting this week to discuss the establishment of an alternative national payments network to the American payment giants "Visa" and "Mastercard", in a move reflecting growing concerns about the potential use of international financial infrastructure as a political pressure tool.
The newspaper mentioned that the meeting is led by the president of Barclays Bank in the UK, Vim Maru, with the participation of prominent figures from "City London" to discuss funding a new national payments company.
The move is due to concerns about US President Donald Trump's potential disruption of international payment systems for political reasons, which could lead to widespread disturbances if it occurs, similar to what happened in several countries like Russia.
Although the idea of establishing a financially sector-funded alternative with government support has been proposed for years, it has gained new momentum following Trump's recent threats to NATO allies, according to the report.
However, officials warned that stopping "Visa" and "Mastercard" could lead to widespread economic paralysis.
In Russia, where companies rely on the two firms for about 60% of the payments, sanctions have prevented many citizens from accessing their money.
The newspaper quoted an official saying: "If Visa and Mastercard are stopped, it will take us back to the 1950s. Of course, we need a sovereign payments system".
"Visa" and "Mastercard" networks are used by major banks and financial institutions in the UK.
For its part, "Mastercard" said that recent reports about the Retail Payments Infrastructure Council were "misrepresented", affirming that the sector "has never been more competitive", and that consumers and businesses enjoy a wide range of payment and money receiving options.
The concerns are not limited to Britain, as European leaders also discuss establishing locally owned networks that are not susceptible to fluctuations or decisions by foreign powers.
Aurore Lalucq, the chair of the Economic and Monetary Affairs Committee in the European Parliament, warned that reliance on American companies could be "catastrophic", calling for the establishment of a European company for payment systems.
Earlier this month, the European Payments Initiative signed an agreement with the EuroPA alliance to establish a cross-border payments network covering 130 million users in 13 countries, to be built around the digital wallet "Wero" to facilitate payment and transfer operations among European countries.
