US EditionEurope Builds Its Own Payment Network, Ditches Visa
6 Articles
6 Articles
Europe 'Urgently' Needs Alternatives to Visa and Mastercard, EU Banking Chief Says
Visa and Mastercard. Credit: frankieleon / Flickr / CC BY 2.0 Europe faces rising pressure to cut its reliance on major US payment networks as officials warn that the dominance of Visa and Mastercard could become a strategic liability if political relations worsen. The call for Europe to develop credible alternatives comes from Martina Weimert, head of the European Payments Initiative, who said the region remains heavily dependent on internation…
Europe builds its own payment network, ditches Visa
Thirteen European countries have formed an alliance called EuroPA to build a continent-wide payment system that routes around Visa and Mastercard — and the $24 trillion in annual transactions the two American companies currently handle, Cory Doctorow writes in Pluralistic. — Read the rest The post Europe builds its own payment network, ditches Visa appeared first on Boing Boing.
The Old Continent's dependence on US payment systems is a major source of vulnerability. Hence the desire to build a pan-European alternative, which has been under construction for some time now, but which has taken a boost.
TLDR News EU — Why Europe Is Creating an Alternative to Visa & Mastercard
In this video, we’ll explain Europe’s new digital payments network, how it aims to replace Visa and Mastercard, and whether it could work. 📰 Too Long: https://toolong.news/ 💡 Got a Topic Suggestion? - https://forms.gle/mahEFmsW1yGTNEYXA Our mission is to explain news and politics in an impartial, efficient, and accessible way, balancing import and interest while fostering independent thought. TLDR is a completely independent & privately owned …
You don't realize it, but every time you pay for your coffee with your smartphone, your data makes a round trip through the United States. Christine Lagarde wants this to stop. With Wero's expansion to 13 countries, Europe continues to escalate its offensive against the hegemony of Visa, Mastercard, and PayPal. [Read more] All our best deals directly on WhatsApp. Join Frandroid Deals, zero spam guaranteed.
Op-Art: The High Toll of Europe’s Payment Sovereignty
European calls for “payment sovereignty” misdiagnose the problem: Visa and Mastercard lead through competition, not coercion, and a state-backed alternative would entrench protectionism instead of enabling regulatory reforms that would let European firms scale and compete globally.
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