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business8h ago
How close is the EU to break free from Visa and Mastercard's grip?
- Europe seeks greater payment sovereignty by building European alternatives to Visa and Mastercard.
- WERO, launched in 2024, is a European digital wallet for instant P2P payments and aims at online commerce.
- SEPA Instant Payments and the TIPS system are expanding to support instant cross-border euro transfers.
- ECB warns Europe’s overreliance on foreign schemes risks data protections and market power issues.
- Officials call for a public-private ‘Airbus of European payment systems’ to ensure resilience.
- WERO aims to offer cross-border interoperability and compete with US networks by 2027.
- EU hopes Digital Euro will bolster public money in daily digital transactions.
- EU analysis estimates up to €500 billion in annual GDP could be impacted by single-market fragmentation.
- EU stresses that independence requires scalable private-sector wallets and interoperable networks.
- EU leaders link payment sovereignty to broader financial resilience and data control.
- Officials emphasize maintaining competition to lower costs for consumers and merchants.
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