European Payments Groups Join Forces to Lessen US Reliance
The joint company will start with person-to-person transfers and later expand to e-commerce and point-of-sale payments across 13 countries.
- On Wednesday, European domestic payment groups including Bizum, Bancomat, and Wero announced they are forming a joint company, the European Network , based in Madrid to oversee cross-border payments.
- Policymakers have prioritized payment sovereignty due to risks in the global order; Europe aims to curb dependence on Visa and Mastercard, amid fears the Trump administration could eventually limit access to payment infrastructure.
- The ENP founders serve 130 million users across 13 countries, representing more than 70 per cent of the population of Europe and Norway, connecting payment systems through a common technical layer based on European standards.
- A phased rollout will begin with cross-border person-to-person payments, followed by e-commerce and point-of-sale transactions, while other European payment schemes may join the network in the future.
- While the European Central Bank aims to introduce a digital euro by 2029, national payment systems are simultaneously focused on interlinking their own networks through the common operational hub.
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21 Articles
The new entity will connect the cross-border digital transactions of more than 130 million users, safeguarding their original brands
SIBS, Bancomat, Bizum, EPI/Wero and Vipps MobilePay announce a European interoperability entity, the European Network for Payments, with the aim of interlinking their solutions to achieve European sovereignty. ENP, held in equal parts by the five entities, will manage the common interoperability hub. It starts with payments between individuals and then expands to electronic commerce and physical shops.
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European Payment Networks Join Forces to Build Cross-Border System
Major European payment networks are joining forces to create a shared system for cross-border transactions, bringing together services used by about 130 million people. The ... The post European Payment Networks Join Forces to Build Cross-Border System first appeared on [your]NEWS.
European payment systems serving more than 130 million users – including Spain’s Bizum, Italy’s Bancomat and Wero – announced on Wednesday that they will create a joint venture to process cross-border payments. The move will further strengthen Europe’s efforts to reduce the dominance of Visa and Mastercard. Similar topics will be discussed at the Portfolio Banking Technology conference on November 10. Register and get details here!
The new company will have its own workforce, although the name will not be made public for a few weeks
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