Stories
Europe Unites Payment Systems to Reduce Reliance on US Giants
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CNBC TV18•30-09-2026, 15:22
Europe Unites Payment Systems to Reduce Reliance on US Giants
- •European domestic payment groups, including Bizum, Bancomat, and Wero, are forming a joint company to oversee cross-border payments for 130 million users.
- •The move aims to curb Europe's dependence on US payment giants Visa and Mastercard, which handle almost two-thirds of the bloc's card payments.
- •The new European Network for Payments (ENP) will be based in Madrid and operate a common interoperability hub, connecting different payment systems.
- •ENP's founders include Bancomat, Bizum, EPI Company/Wero, SIBS-MB WAY, and Vipps MobilePay, serving users across 13 European countries.
- •The network will connect existing payment systems through a common technical and operational layer, starting with person-to-person payments and expanding to e-commerce and point-of-sale transactions.
Key Questions Answered
Europe is seeking to curb its reliance on US payment giants like Visa and Mastercard due to concerns that the Trump administration could restrict access to US payments infrastructure, while policymakers also prioritize overall payments sovereignty in a fragmenting global order.
The European Network for Payments (ENP) is a new joint company formed by domestic payment groups from several European countries to oversee cross-border payments, and it will be based in Madrid.
The network will begin with a phased rollout starting with cross-border person-to-person payments, which will then be followed by e-commerce and point-of-sale transactions.
