Can Europe wean itself off US credit card firms?

Can Europe wean itself off US credit card firms?

Visa, Mastercard, and PayPal dominate the cashless payments landscape in the EU and the European Central Bank warns about the region's reliance on US payment giants. But what alternative does Europe have?

Is the EU banning American credit cards?

Social media users allege that ECB President Christine Lagarde has announced plans to get rid of the likes of Visa, Mastercard and PayPal.

There is information circulating on social networks that the European Union intends to cancel American payment cards such as Visa and Mastercard, as well as other foreign online payment platforms, PayPal and Alipay. However, this information is not true and is taken out of context. European Central Bank Director Christine Lagarde said in an interview with Irish Radio that Europe should reduce its dependence on American and Chinese payment system…