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U.S. Payment Systems Spark Concern Among Allies

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TRUMP

Countries that have long been close to the United States are increasingly worried that President Donald Trump’s administration could use U.S.-based payment networks to exert political pressure.

Heavy Reliance on Visa and Mastercard

Jon Cunliffe, former Deputy Governor of the Bank of England (2014–2024), warned that global commerce depends heavily on American companies like Visa and Mastercard.

These firms process most daily and international payments, leaving few alternatives to U.S. banks.

Payments as a Geopolitical Tool

Speaking at a National Institute of Economic and Social Research event on September 16, 2025, Cunliffe cited U.S. actions against Greenland and Canada as examples of how financial systems can be weaponized.
“Experts in payments are asking, ‘Can I trust the U.S. system if it’s used against me?’” he said, stressing Trump’s willingness to pressure both allies and rivals.

Trump’s UK Visit Heightens Concerns

His comments coincided with Trump’s second official visit to the United Kingdom, where the U.S. president has built a strong relationship with Prime Minister Keir Starmer.

This context has amplified European fears about U.S. financial power.

Parallels to Military ‘Kill-Switch’ Risks

Cunliffe compared these concerns to fears about U.S. fighter jets such as the F-35, which some believe could be remotely disabled.


“Payments face a similar ‘kill-switch’ risk,” he noted. Visa and Mastercard’s 2022 exit from Russia after the Ukraine invasion demonstrates the reach of U.S. influence.

Central Banks Sound the Alarm

Bank of England Governor Andrew Bailey has expressed concern over Trump’s efforts to influence the Federal Reserve’s independence.

On September 3, 2025, former BoE official Adam Posen warned that a politicized Fed might withhold dollar liquidity during crises, unlike the support given after the 2008 financial crash.

Preparing for Dollar Access Risks

In response, the Bank of England and the European Central Bank have urged commercial banks to plan for scenarios where Federal Reserve dollar support is unavailable.

This preparation aims to protect global finance from potential disruption.

Cunliffe’s Perspective

Cunliffe acknowledged that U.S. leaders understand how dollar swap lines help prevent global financial turmoil.

However, he warned that a sudden loss of confidence in the dollar could spark crises similar to those seen in emerging markets.

Search for Alternatives

As the dollar’s dominance becomes a strategic vulnerability, U.S. allies are actively exploring alternative payment systems and reducing reliance on American financial infrastructure amid shifting geopolitics.

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