Visa and Mastercard handle nearly half of Europe's card payments. The digital euro aims to change that
What's happening
European payments groups including Bancomat, Bizum, Wero, Sibs-MB WAY and Vipps MobilePay have agreed to create a cross-continent network to challenge U.S. card networks. The Wero project, launched by European banks, is advancing as part of that effort to reduce Visa and Mastercard's footprint, which currently handles nearly half of Europe's card payments. The initiative is being framed as an EU alternative to the U.S. giants and as part of wider moves tied to the digital euro push.
Why it's trending
Coordination between major European schemes plus momentum around the digital euro has sharpened efforts to cut Visa/Mastercard's market share now.
SignalNewly emerging, confirmed across 2 independent source types.
Story volume
Stories per dayAngles you could write
If Europe thinks stitching together Bancomat, Bizum, Wero, Sibs-MB WAY and Vipps MobilePay will instantly unseat Visa and Mastercard, it should prepare for a long fight, the U.S. giants still hold structural advantages even as Wero gains traction.
+2 more angles for this topic with an account — all it takes is your email.
Original sources4
- European payments groups join forces to take on US giants
Some of Europe's biggest payments groups - Bancomat, Bizum, Wero, Sibs-MB WAY and Vipps MobilePay - have banded together to create a cross-continent network that can take on Visa and Mastercard.
FinextraOct 1 - Visa and Mastercard handle nearly half of Europe's card payments. The digital euro aims to change thatFortuneOct 1
- Will Europe unseat Visa, Mastercard?
The Wero project launched by European banks is making progress in challenging the card networks’ dominance on the continent, but the U.S. companies still have an edge, one firm’s analysts contend.
Payments DiveSep 30 - European Network for Payments – An EU Alternative to Visa/MastercardHackerNewsSep 30
More rising in Fintech
- Labels won’t save digital asset firms from FCA authorisationSteady1.0Steady1.0 momentum
- Will Zilch restore UK fintech funding if its IPO launches in London?Climbing2.8Climbing2.8 momentum
- Beyond the Hype: Where Stablecoins Deliver Real Value in Banking and PaymentsSteady0.9Steady0.9 momentum
- Banking’s AI red flag: From 0 rollbacks to deploying agents you can trustSteady0.9Steady0.9 momentum
- Apple Pay Arrives in India for Axis Bank Credit Card UsersSteady0.7Steady0.7 momentum
- Banks face $230bn payments revenue threat as Tokenised money goes mainstreamSteady0.9Steady0.9 momentum