Martin Weimert, the CEO of the European Payment Initiative (EPI), noted that the continent still heavily relies on international payment systems.
“Although we have strong national payment systems, there is currently no cross-border solution. If we talk about strategic independence, we need to act quickly, as it is only a matter of time,” she added.
According to research by the European Central Bank, in 2022, Visa and Mastercard accounted for nearly 66% of all card transactions in the eurozone.
Moreover, in 13 EU countries, there are no national alternatives to American payment companies.
Even in those countries where internal payment systems exist, their usage is declining over time.
Given the decrease in cash transactions, European regulators are increasingly expressing concern that in the event of a serious political conflict, the influence of American payment systems could become a vulnerability for the EU's financial system.
It is important to note that the European Payment Initiative was established by 16 European banks and financial institutions with the aim of developing a unified cashless payment system capable of competing with international players.
