In February 2026, the United Kingdom’s largest banks—Barclays, Lloyds, NatWest, Santander, and Nationwide—as well as ATM network LINK, gathered to accelerate plans for a domestic alternative to Visa and Mastercard. This initiative, backed by the UK government and the Bank of England is a strategic move to reduce the country’s dependence on US-controlled paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More networks, which currently handle 95% of all UK card transactions. The project —code-named DeliveryCo— is expected to be operational by 2030, and framed as a “resilience measure,” designed to protect the UK from potential disruptions, such as US sanctions or technical failures that could cripple the economy.
The UK is not alone. Across the globe, regions from the European Union to the BRICS+ bloc are pursuing similar goals, driven by a shared desire for monetary sovereignty. The election of Donald Trump in 2024 has intensified these efforts, as his policies have destabilized the global monetary framework and prompted a wave of initiatives aimed at reducing reliance on the US dollarMonetary unit of the United States of America, and a number of other countries e.g. Australia, Canada and New Zealand. More and its financial infrastructure.
The UK’s decision to develop an alternative to Visa and Mastercard is rooted in a growing recognition of the risks posed by over-reliance on foreign payment systems. The project, which includes both Visa and Mastercard as stakeholders, is not intended to replace these networks but to provide a domestic backup—a so-called “additional payment rail”—that can ensure continuity in the event of a crisis. The Bank of England is leading the infrastructure development, with the system expected to be fully operational by the end of the decade.
The urgency of this initiative has been heightened by geopolitical tensions, particularly the precedent set by US sanctions on Russia following its invasion of Ukraine. In Russia, the sudden withdrawal of Visa and Mastercard services left millions unable to access their funds, a scenario the UK is keen to avoid. As one banking executive warned, if Visa or Mastercard were to suspend operations in the UK, the country could be “sent back to the 1950s,” when cashMoney in physical form such as banknotes and coins. More was the only option for most transactions.
The project is also a response to the broader trend of de-dollarization, as countries seek to reduce their exposure to the risks associated with the dollar’s dominance. For the UK, this means creating a system that can operate independently of US-controlled networks, ensuring that the economy remains resilient in the face of geopolitical shocks.
The UK’s plans mirror those of the European Union, which has been working on its own solutions to reduce dependence on US payment systems. The European Payments Initiative (EPI) launched in 2020, aims to create a unified digital payment system for Europe. The initiative’s flagship product, the Wero digital wallet, is already operational in several EU countries and is expected to expand across the continent in the coming years. Wero is designed to support a wide range of transactions, from person-to-person payments to online and in-store purchases, all while operating within a sovereign European framework.
Alongside the EPI, the European Central Bank (ECB) is advancing plans for a digital euroThe name of the European single currency adopted by the European Council at the meeting held in Madrid on 15-16 December 1995. See ECU. More, a central bank digital currency (CBDC)A digital payment instrument, denominated in the national unit of account, and a direct liability of the central bank, like banknotes. A general purpose CBDC can be used by the public for day-to-day payments like cash. More that could be issued as early as 2029. The digital euro is intended to complement cash, providing a secure and efficient means of payment that is fully backed by the ECB. The digital euro is not about replacing existing payment methods but about offering a resilient alternative that can operate independently of foreign networks. The ECB has emphasized that the digital euro will coexist with cash, ensuring that all citizens can participate in the economy.
Both the EPI and the digital euro reflect Europe’s determination to assert its monetary sovereignty. By reducing reliance on US payment networks, the EU hopes to protect its economy from external shocks and ensure that its financial system remains under European control. This is particularly important in an era where the weaponization of the dollar—through sanctions, trade restrictions, and other measures—has become a common tool of US foreign policy.
The election of Donald Trump in 2024 has been a catalyst for these efforts. Trump’s administration has pursued a range of policies that have destabilized the global monetary framework, from imposing tariffs on key trading partners to exerting pressure on the Federal Reserve. His approach has created significant economic uncertainty, prompting regions around the world to seek alternatives to the dollar-dominated financial system.
The BRICS+ bloc, which initially comprised Brazil, Russia, India, China, and South Africa has extended its membership to Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates in 2024 and to Indonesia in 2025. 20 other countries have applied for membership. The group is exploring the creation of a common payment system and even a potential BRICS+ currency, though the latter remains a long-term goal due to the economic and political disparities among member states. In the meantime, the BRICS are focusing on increasing the use of local currencies in trade and developing interoperable digital payment infrastructure. Pilot programs for these initiatives are already underway, with a target dateThe year in which a medal or coin was minted. On a banknote, the date is usually the year in which the issuance of that banknote - not its printing or entering into circulation - was formally authorised. More of 2026 for broader implementation.
Russia has been a driving force behind these efforts, following its exclusion from the SWIFT payment system and the freezing of its foreign reserves in response to the Ukraine war, Russia has become a vocal advocate for de-dollarization. The country has already shifted much of its trade to non-dollar currencies. While a full BRICS currencyThe money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. More is unlikely in the near term, the bloc’s push for greater monetary autonomy is a clear sign of the times.
As digital payment systems become increasingly fragmented, the future of cash has become a topic of intense debate.
The UK’s plan to create an alternative to Visa and Mastercard, alongside the EU’s EPI and digital euro initiatives, reflects a broader shift toward monetary sovereignty. This trend has been accelerated by the election of Donald Trump, whose policies have destabilized the global monetary framework and prompted regions around the world to seek greater control over their financial systems.
The role of cash remains critical. More than ever, cash is a stabilizer in an uncertain future. It ensures financial inclusion, provides a backup in times of crisis, and offers a level of trust and universality that digital systems cannot match. The challenge for policymakers is to strike a balance between innovation and stability, ensuring that the push for sovereignty does not come at the cost of exclusion or instability.
In a world of digital divides and geopolitical tensions, cash may be one of the few constants. The question is not whether cash will disappear, but how it will adapt. The answer likely lies in a hybrid system, where digital and physical money complement each other, ensuring resilience, inclusion, and choice.