UK banks kick off fundraising in bid to create new payments giant (news.sky.com)

submitted 1 day ago by i_am_not_a_robot@feddit.uk to c/buyeuropean@feddit.uk

18 comments fedilink hide all child comments

The UK Payments Delivery Company will this week launch a process to raise in the region of £50m to fund the development of a new domestic infrastructure player, Sky News learns.

Britain’s biggest banks will this week embark on a process to raise tens of millions of pounds to fund the development of a new payments infrastructure vehicle that could ultimately evolve into a domestic alternative to Mastercard and Visa.

top 18 comments

sorted by: hot top new old

[-] ladicius@lemmy.world 21 points 1 day ago* (last edited 1 day ago)

EU already rolled out Wero, and it's working fine... You sure Brexit was a good idea?

[-] 9point6@lemmy.world 27 points 1 day ago

I'd be very surprised if there was anyone on Lemmy that thought Brexit was a good idea given the apparent demographics.

If we've got any sense, we'll either adopt wero or build something compatible with it in some way

Problem is it looks like we're letting privately owned banks handle it, so it's going to probably be something that seeks to benefit businesses over consumers

[-] Digestive_Biscuit@feddit.uk 2 points 7 hours ago

And gets sold to a US firm 5 years later.

[-] doleo@lemmy.ml 10 points 1 day ago

I’d be very surprised if there was anyone on Lemmy that thought Brexit was a good idea

Yeah, prepare to be shocked. I saw one in the wild, earlier.

[-] Quacksalber@sh.itjust.works 9 points 1 day ago

Fine-ish. My bank has integrated Wero in its banking app, which would be a good thing, but for some god forsaken reason, they want access to my phone contacts to use it at all. The only thing that works for me is paying Wero invoices.

[-] ExLisper@lemmy.curiana.net -1 points 23 hours ago

There are like 5 countries using Wero. It's not and it will never be an EU wide solution, let alone cover countries outside EU.

[-] psyq@piefed.social 7 points 19 hours ago

We've had a comparable system to Wero in Switzerland for about a decade (called Twint) and the conglomerate who owns it already signaled they would enable cross-payment with Wero if Wero is interested, so I wouldn't rule out that it grows beyond the EU. Nothing concrete has been agreed so far, though, at least not publicly.

[-] ExLisper@lemmy.curiana.net 7 points 18 hours ago

EuroPA (European Payment Alliance) agreed to cooperate with Wero last year. EuroPA represents Portugal, Spain, Poland, Italy, Hungary, Nordic countries and I think Romania. None of those countries will adapt Wero, they will work to make their systems compatible. Systems from outside EU can also be compatible with Wero but it's clear that other countries are not interested in implementing it directly.

[-] Word2vishnu@lemmus.org 15 points 23 hours ago

Well, it doesn’t need to be. That’s the whole point. Instead of forcing 500 million users into a single app , EU is building the shared infrastructure on which ANY approved app can interoperate for free. And that I think is the best way to operate in the EU.

[-] ExLisper@lemmy.curiana.net 0 points 18 hours ago

EU is building the shared infrastructure on which ANY approved app can interoperate for free

Is it? What infrastructure is that? AFAIK current solution are developed by private banks. EU is working on digital Euro but it's independent from other payment methods.

[-] Cyber@feddit.uk 2 points 17 hours ago

They could add a few more with England, Scotland, Wales, Northern Ireland....

[-] ExLisper@lemmy.curiana.net 2 points 10 hours ago

Wero is controlled by French and German banks. Other countries don't want to get involved. They prefer to build solutions they can control themselves.

[-] Telorand@reddthat.com 12 points 1 day ago

I'm sorry, they're launching fundraising? For £50M? And they're banks that ~~won't pay~~ allegedly can't afford that price tag? Rich people suck. Capitalism is a mistake.

[-] i_am_not_a_robot@feddit.uk 10 points 1 day ago

I think it's fundraising within the group, they aren't running a Kickstarter or anything.

[-] fakeman_pretendname@feddit.uk 6 points 20 hours ago

Maybe a sponsored fun-run or a raffle though?

[-] i_am_not_a_robot@feddit.uk 6 points 19 hours ago

Possibly a cake sale?

[-] Cyber@feddit.uk 1 points 17 hours ago

Cash still exists...

[-] Malica@lemmy.zip 2 points 23 hours ago

About time

this post was submitted on 15 Sep 2026

52 points (100.0% liked)

Buy European

10799 readers

194 users here now

Overview:

The community to discuss buying European goods and services.

Matrix Chat of this community

Rules:

Be kind to each other, and argue in good faith. No direct insults nor disrespectful and condescending comments.
Do not use this community to promote Nationalism/Euronationalism. This community is for discussing European products/services and news related to that. For other topics the following might be of interest:
Include a disclaimer at the bottom of the post if you're affiliated with the recommendation.
No russian suggestions.

Feddit.uk's instance rules apply:

No racism, sexism, homophobia, transphobia or xenophobia.
No incitement of violence or promotion of violent ideologies.
No harassment, dogpiling or doxxing of other users.
Do not share intentionally false or misleading information.
Do not spam or abuse network features.
Alt accounts are permitted, but all accounts must list each other in their bios.
No generative AI content.

Useful Websites