European payment groups join to challenge US giants
Major European payment systems serving 130 million users have formed a joint venture called the European Network for Payments. The initiative aims to reduce dependence on Visa and Mastercard by connecting national instant payment systems across thirteen countries.
Major European payment networks serving 130 million users launched a joint venture on Wednesday afternoon to challenge the market dominance of VISA INC-CLASS A SHARES and MASTERCARD INC - A across the continent. The newly formed European Network for Payments connects national digital wallets from Spain to Norway under a single operational layer. Policymakers have increasingly prioritized financial sovereignty as a fragmenting global order raises concerns over critical infrastructure dependence.
