European Network for Payments

Major European banks and payment firms are joining forces to build a European Network for Payments, a consortium aimed at reducing Europe's dependence on the US-owned card schemes Visa and Mastercard. Supporters say the initiative would give the EU sovereignty over a critical piece of financial infrastructure, keeping transaction data and processing fees inside Europe. The move has drawn attention from the tech and finance community, with debate over whether Europe can finally compete with entrenched American networks.

The EU is discussing whether to develop a payment system made in Europe, reducing reliance on non-European providers like Visa and Mastercard and US-operated networks. The conversation, promoted by the Council of the EU, centres on digital sovereignty: supporters argue a European scheme would strengthen strategic autonomy and lower fees, while critics question whether Europe can scale such infrastructure without fragmentation or costly duplication of existing networks.