European payments groups join forces to challenge US dominance
European payment groups have formed a joint venture called the European Network for Payments to create a unified cross-border payment system. This initiative aims to reduce reliance on US-based giants like Visa and Mastercard by connecting national payment infrastructures.
Why it matters
This represents a significant move toward European financial sovereignty and digital independence in the global payments landscape.
European payment groups serving 130 million people, including Spain's Bizum, Italy's Bancomat and Brussels-based Wero, said they were joining forces to create a cross-border payments network as Europe seeks to curb its dependence on Visa and Mastercard.
The companies will form a new joint venture, the European Network for Payments, which will be based in Madrid and connect national payment systems.
European policymakers have made payments sovereignty a priority as a fragmenting global order raises concerns over access to critical payments systems.
ENP's founders are Bancomat, Bizum, EPI Company/Wero, SIBS-MB WAY and Vipps MobilePay, which together serve around 130 million users across 13 European countries, covering more than 70% of the population of the EU and Norway.
In Ireland, consumers have Zippay which allows customers to make instant payments using just a mobile phone number between different banks.
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