The new payment system will become an alternative to Visa and MasterCard
Sixteen major banks in the European Union will implement the pan-European payment system, which will become an alternative to veteran Visa and MasterCard, as well as mitigate threats from Chinese and American bigtech companies.
The European Payment Initiative (EPI) aims to create a single pan-European payment system that will offer consumers and business and service enterprises in Europe their own payment cards, digital wallets and P2P payment services.
Project Supporting Banks – BBVA, BNP Paribas, Groupe BPCE, CaixaBank, Commerzbank, Crédit Agricole, Crédit Mutuel, Deutsche Bank, Deutscher Sparkassen- Giroverband, DZ BANK Group, ING, KBC Group, La Banque Postale, Banco Santander UniCredit It has received full support from the European Central Bank. as reported FinextraThe ECB has long been unsuccessful, but hates the idea of a pan-European cross-border payment system that can challenge global brands.
The project is expected to enter the implementation phase in the coming weeks. For this, a temporary structure will be built in Brussels that will set specific objectives of the project, including the completion and commissioning of the technical work plan. Each bank will evaluate the performance of the interim structure before approving the finalization of this organization under the EPI.
Other payment service providers may join the initiative by the end of 2020. It is planned that the EPI will be launched in 2022.
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Earlier, we wrote that seven European mobile payment companies, which serve around 25 million users, are planning to form the European Association of Mobile Payment Systems (EMPS). This organization will facilitate cooperation and simplify international payments.
The purpose of EMPSA will be to satisfy users’ willingness to use their local mobile payment systems internationally and to pay with them abroad.
Read: What Happens With Payoneer Customer Money: Breaking News and Tips for Users
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