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UK banks plot Visa/Mastercard Alternative
Comments
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If the theory is that we are reliant on payment systems that are controlled by third parties (outside of our control), then the solution is to create one that is controlled by the UK finance system. Not by joining another one that is outside of our control!
Personally I feel the suggestion is pretty spurious/implausible (that these systems would somehow be deliberately throttled), and grounded in politics. If the US really went that far, we'd have more to worry about than our Mastercards!
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I think it's pretty unlikely too. But we have had instances where either Visa or Mastercard have gone down for one reason or another, fortunately such events have been brief and not affected both. It sounds as though we would either need to establish our own system and join it to the wider scheme for international payments, or piggyback off one of the existing providers. The former would surely be the better option, and just the intra-UK payment system would go a long way to building resilience.
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We do have open banking, which is something I've been involved with professionally as it happens.
The US is comparatively backward domestically, ironically enough. At least it was when I was involved with it. Reliant on 'checks'!
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The Visa servers for europe are based in the UK, not within EU. The power grid is also sensitive and interconnected. Suddenly cutting power could have unintended consequences.
It would make sense for us to join the EU system, as if they want it to work, it will need to be widely accepted. Surely both systems can be compatible with each other if we also create one.
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It is impossible to eliminate all risk. The European payments system will not be run by France. Our best option is probably to set up the national system as planned, and linking that to the European system to make payments within Europe. Risk is minimised by having options.
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It certainly wouldn't make sense to have a UK system which was incompatible with the European one.
Plus unless this UK/EU system was accepted worldwide then you would still need an Visa/MC for when travelling outside of Europe.
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As a retail worker I find it's usually Android phones asking for the biometric (ie fingerprint) when that happens. It's not much different to when someone tries contactless with a bank card and they are told to use chip and PIN by the reader.
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I used Open Banking Pay-by-Bank to transfer money to an investment platform (HL) recently. Many people pay their tax bills with it. It lacks to consumer protections for retail purchases though. Some retailers now accept Pay-by-Bank for online purchases, but AFAIK none accept it for in person payments. That would in, any case, require us to use a mobile phone, which would not be acceptable to many.
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The Channel Islands aren't part of the UK and are directly adjacent to France.
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