EU Seeks Payment Alternatives to Visa and Mastercard
The head of the European Payments Initiative (EPI) believes Europe is too reliant on international payment companies like Visa and Mastercard, which dominate Eurozone card transactions. This dependency raises concerns among EU officials, particularly as cash use declines, about the potential for these American companies’ power to be “weaponized.” To counter this, the EPI introduced Wero, a pan-European payment solution aiming to expand cross-border capabilities, while the European Central Bank is also exploring a digital euro as a means to enhance autonomy and security.
John Q. Hosedrinker