Mastercard is exploring the sale of a majority stake in Vocalink back to British banks, responding to concerns about a strategically critical asset being under US ownership. Talks are at a very preliminary stage and no firm offers have been made. Mastercard bought Vocalink in 2016 for £700mn plus up to £169mn in performance‑related payments; a 51 % stake could be worth about £400mn.

A potential buyer is Delivery Co, a new entity backed by many of the UK’s leading banks and payment firms that was set up to run the procurement of the next‑generation retail payments system. However, Delivery Co is still establishing its funding and governance, so any deal is unlikely before next year. The Bank of England and UK government worry about the dominance of Mastercard and Visa, a concern amplified by US President Donald Trump’s willingness to intervene in American companies. The government is developing a new payments platform based on account‑to‑account transfers to lower costs and improve resilience.

Vocalink operates the Bacs direct‑debit system (paying 90 % of UK wages), the faster payments system that processed £4.2tn in 2024, and the Link ATM network of 47,000 machines. Its ownership by Mastercard is seen as a potential hurdle for winning the new platform contract. Mastercard appointed Sir Jon Thompson to chair Vocalink’s UK board to demonstrate independence. Vocalink posted a net loss of £12.4mn in 2024 on revenues of £221.5mn.