Visa and Mastercard handle nearly half of Europe's card payments. The digital euro aims to change that
What's happening
A coalition of European payment providers including Bancomat, Bizum, Wero (EPI), SIBS MB WAY and Vipps MobilePay has launched the European Network for Payments (ENP), headquartered in Madrid, to connect national payment systems and enable cross-border, instant account-to-account payments. The move is explicitly meant to challenge Visa and Mastercard, which currently process nearly half of Europe's card payments, by creating a common technical and operational interoperability hub across the continent. The ENP brings together existing domestic schemes to route payments between countries and expand cross-border acceptance without relying on US card networks.
Why it's trending
Because European schemes want to reduce dependence on Visa/Mastercard and the digital euro and recent projects like Wero have created momentum for a native continental network.
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If you think Visa and Mastercard are untouchable in Europe, meet the Madrid-based European Network for Payments that just pooled Bancomat, Bizum, Wero, SIBS MB WAY and Vipps MobilePay to cut them out of everyday transactions.
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Original sources8
- Five European apps team up to rival Visa and Mastercard
European payment networks are joining forces to challenge the dominance of international schemes. Bancomat, Bizum, EPI/Wero, SIBS MB WAY and Vipps MobilePay have launched a joint network to enable cross-border payments across Europe. Headquartered in Madrid, the new European Network for Payments (ENP) will operate and expand the common interoperability hub agreed by the five […]
Payment ExpertOct 2 - Europe’s Payee Checks Set the Pace as US Plans Take Shape
A payment moving from one country to another passes through banks, clearing systems and payment networks that operate under different rules. The recipient information used to check the payment and bolster security can be just as fragmented. Payee verification connects some of those far-flung systems. Banks and payment providers are placing account and beneficiary checks […] The post Europe’s
PYMNTSOct 1 - European payments groups join forces to challenge US dominanceHackerNewsOct 2
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