Visa Europe's owners are considering selling the credit-card company and setting up a rival system across the Continent.
A consortium of 3,700 banks including Barclays, Lloyds Banking Group and Royal Bank of Scotland own the business and are understood to be keen to sell it to US-based Visa for about $3bn (£2bn).
Visa Europe, a major sponsor of the 2012 Olympics, was offloaded by Visa in 2004. It listed its shares on the New York Stock Exchange three years later. Both companies retain close links. Visa Europe's board is to meet next month to discuss the sale, according to reports.
Visa Europe declined to comment.