Britain's biggest banks are set to begin a fundraising campaign to establish a domestic payments alternative to Mastercard and Visa. The UK Payments Delivery Company (PDC) is launching an equity capital raise, aligning with a new Bank of England model and the Treasury’s National Payments Vision.
The initial fundraising goal is a combined £50m from participating companies. This cash is expected to finance the project until 2028. The PDC is an industry-owned organisation collaborating with the Treasury and Bank of England on the next generation of UK retail payments infrastructure.
Some 19 major financial services groups supported the PDC's early setup in 2025, including Barclays, Lloyds, Natwest, and HSBC. International firms like JP Morgan, Wise, and Paypal will also join. To participate, firms must be authorised, regulated, or overseen by relevant financial authorities for banking or payment activities, have a strategic connection to the UK retail payments system, and consider an equity investment in the PDC.
Vim Maru, chief executive of Barclays UK, is leading the group as chair designate, and a search for a permanent chief executive is underway. Mastercard and Visa have also been involved in the foundational work of the PDC.