Martin Weimert, the executive director of the European Payment Initiative (EPI), highlights that the continent still heavily relies on international payment solutions.
She noted: “Despite having powerful national systems, we do not have an adequate cross-border solution. If we are striving for strategic independence and recognize that it is a matter of time, we need to act without delay.”
According to research by the European Central Bank, nearly 66% of all card transactions in the eurozone in 2022 were accounted for by Visa and Mastercard.
At the same time, in 13 EU countries, there are no national alternatives to American payment systems.
In those countries where domestic payment systems exist, their usage is gradually declining.
Amid declining cash volumes, European regulators are increasingly expressing concerns that the influence of American payment companies could become a vulnerability for the EU's financial system in the event of a political crisis.
It should be noted that the European Payment Initiative was founded by a group of 16 European banks and financial organizations to develop a unified cashless payment system that could compete with global players.
