The European Union is trying to reduce its dependence on American payment systems Visa and Mastercard, fearing that they could become instruments of geopolitical pressure from the United States. The information is reported by the Financial Times, quoting the general director of the European Payments Initiative (EPI), Martina Weimert.
According to her, the dominance of American companies represents a risk in case of deteriorating transatlantic relations, which makes the development of a proprietary payment system a “pan-European priority”.
Data from the European Central Bank shows that, in 2022, Visa and Mastercard processed almost two-thirds of all card payments in the euro zone. At the same time, 13 EU member states do not have national alternatives, and in countries where they exist, their use is declining.
Previously, Piero Cipollone, a member of the Executive Council of the ECB, emphasized that Europe needs to avoid excessive dependence on systems outside its control.
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