Fears are mounting that Donald Trump could block or restrict access to Visa and Mastercard, sending shockwaves through households and businesses across the globe.
Analysts warn that any disruption to these payment giants — which process 95% of card transactions in the UK — would throw online shopping, salaries, and international trade into chaos.
“If Mastercard and Visa were turned off, it would send us back to the 1950s,” said a banking executive. “We need a sovereign payments system.”
The speculation comes amid growing geopolitical tension and talk of executive actions targeting financial institutions. Critics have warned that weaponising payment networks would mark a dramatic escalation, while some argue it could be used as a blunt tool of economic pressure.
Visa and Mastercard have yet to comment on the fears. But the memory of Russia — where US sanctions forced both companies to halt 60% of transactions, leaving ordinary citizens without access to money — shows the scale of potential disruption.
European politicians have also sounded the alarm. Aurore Lalucq, chair of the European Parliament’s economic committee, warned last month, “Visa, Mastercard — the urgent issue is our payment system. Trump can cut everything off… You can’t say you weren’t warned.”
With digital payments underpinning almost every aspect of modern life, the question on everyone’s mind is: could your card stop working overnight?
