European payments groups join forces to lessen US reliance
The new network will start with person-to-person transfers and expand to e-commerce and point-of-sale payments, serving 130 million users across 13 countries.
- On Wednesday, Sept 30, major European domestic payment groups including Bancomat and Bizum formed the European Network for Payments , a joint company based in Madrid to oversee cross-border payments across 13 European countries.
- Policymakers are prioritizing payment sovereignty to mitigate risks from a fragmenting global order, seeking to curb dependence on Visa and Mastercard amid fears the Trump administration could limit access to U.S. payments infrastructure.
- Collectively, ENP founders including Wero and Vipps MobilePay serve around 130 million users, representing more than 70 per cent of the population in the European Union and Norway, while Wero alone supports about 60 million users.
- RBC Capital Markets analysts noted the network faces significant headwinds, as Visa and Mastercard currently process about two-thirds of Euro area card volume; Wero lacks credit capabilities, interoperability, and embedded security strengths.
- Expansion plans include reaching more countries and adding merchant loyalty programs and subscription payments. The European Central Bank plans to introduce a digital Euro by 2029, which analysts suggest could create a universal acceptance platform catalyzing adoption.
51 Articles
51 Articles
European payment groups, including the Bizum of Spain, the Bancomat of Italy and Wero, based in Brussels, announced on Wednesday that they are joining forces to create a network of cross-border payments, at a time when Europe seeks to reduce its dependence on American giants Visa and Mastercard Companies will form a new joint venture, the European Network for Payments (ENP), which will be based in Madrid and connect national payment systems. ENP…
SIBS has joined Bizum, Bancomat, Wero and Vipps MobilePay to create ENP, a Madrid-based entity that aims to connect 130 million users across Europe.
Europske platne groupacije koje opslužuju 130 milijuna građana objavile su u srijedu da su se povezale u zajedničku tvrtku za potrebe upravljanja prekograničnim plaćanjima kako bi se ublažila ovisnost o rješenjima iz SAD-a. European mreža za plaćanja (ENP) […] Objava Pokrenuta europska alternativa američkim divovima Visi i Mastercardu pojavila se prvi puta na Novi list.
SIBS, Bancomat, Bizum, EPI/Wero and Vipps MobilePat announced this Wednesday the creation of an entity to interconnect the payment solutions of the various companies
Since 2027 more simple and autonomous cross-border payments thanks to the ENP, the European alternative to global credit card giants.
Coverage Details
Bias Distribution
- 53% of the sources lean Right
![[your]NEWS](/_next/image?url=https%3A%2F%2Fgroundnews.b-cdn.net%2Finterests%2Ffb6dc495f74049f513563c33352175eaa0ecd509.jpg%3Fwidth%3D60&w=128&q=75)
Factuality
To view factuality data please Upgrade to Premium
