European Payments Initiative Urges Curbing Visa and Mastercard Use
European Payments Initiative chief urges policymakers on Feb. 10 to slash Europe’s reliance on Visa and Mastercard by accelerating adoption of a pan-EU payment scheme. EPI aims to replace billions of euros in annual network fees with a unified domestic platform backed by 16 major eurozone banks.
1. EPI Call to Cut Dependence
On Feb. 10, the European Payments Initiative chief publicly urged national regulators and financial institutions to curb reliance on established U.S. card networks by prioritizing a locally governed payments platform designed to lower transaction costs and enhance sovereign control.
2. European Payments Initiative Overview
Launched by 16 major eurozone banks, the EPI seeks to integrate individual domestic schemes into a single pan-European card and digital wallet system, targeting full rollout for consumer and merchant acceptance by 2027.
3. Implications for Visa
If widely adopted, the unified EPI platform could divert transaction volumes worth several billion euros annually from Visa and Mastercard, eroding fee income and market share in Europe’s lucrative payments sector.