Europe is building its own payment network to finally compete with Visa and Mastercard
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The takeaway: Payment organizations have launched a new joint venture to promote Europe's sovereignty in the payments industry. The European Network for Payments (ENP) is designed to increase interoperability among competing networks, building a common EU infrastructure that should theoretically give Visa, Mastercard, and other US-based giants a very hard time on European soil. Ultimately, ENP could help reduce Europe's reliance on US-based payment networks as tensions between Washington and Europe continue to grow.
The original ENP initiative launched in 2023, but European sovereignty is now becoming a truly critical issue. The new network's founders include Bizum (Spain), Bancomat (Italy), European digital wallet company Wero, SIBS-MB WAY, and Vipps MobilePay.
Together, these payment networks already cover 70% of Europe's and Norway's population, serving the payment needs of 130 million users across 13 different...
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