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LONDON, Feb 24 (Reuters) - A pan-European payments network can be in place by 2025 to make the continent a “master of its own destiny” in a sector dominated by American duo Visa and Mastercard, the project’s top official said on Wednesday.
The European Payments Initiative (EPI) was launched last July and became an interim company in December with 22 banks as shareholders.
The banks have until December to commit to implementing over the following three years the new network for a physical payment card and digital counterpart.
European Union and European Central Bank policymakers have long wanted a “home grown” payments scheme which they could regulate directly and build “autonomy” in core financial services.
After delaying card fee adjustments in 2020, Visa and Mastercard rumored to raise card fees.
Both networks are set to raise credit card merchant fees this spring for select purchases, including ecommerce transactions.
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Visa and Mastercard are reportedly going to be increasing merchant fees for certain credit card transactions in April,
per The Wall Street Journal. Both networks
pushed back planned fee adjustments in 2020 due to the coronavirus pandemic. Visa and Mastercard rumored to raise card fees. Insider Intelligence
But now, Visa and Mastercard are rumored to soon be imposing higher card fees that would likely mostly affect online credit card transactions, which have become more
European Union and European Central Bank policymakers have long wanted a "home grown" payments scheme which they could regulate directly and build "autonomy" in core financial services. "We can bring choice to consumers but also to merchants in the future," EPI Chief Executive Martina Weimert told an online event.
European bank giants plot payment network to rival Visa and Mastercard
Members of the European Payments Initiative have said that a pan-European rival to Visa and Mastercard coulbe in place by 2025. (Photo by Justin Sullivan/Getty Images)
Members of the European Payments Initiative (EPI), a project launched with the help of 22 banks, said today that a pan-European payment network can be in place by 2025, making the continent “master of its own destiny.”
The 22 banks, which include names such as Deutsche Bank, UniCredit and ING, are shareholders in the EPI and have until December to commit to implementing the network over the next three years.
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