The EU is talking about creating its own payment system: why they want to abandon Visa and Mastercard
10 February 06:42
The European Union has intensified discussions on creating its own payment system, which could reduce the bloc’s dependence on American Visa and Mastercard. Brussels fears that the dominance of these companies could become a tool for geopolitical pressure from the US. This was stated by Martina Weimert, CEO of the European Payment Initiative (EPI), according to the Financial Times, as reported by "Komersant Ukrainian".
Why the EU wants its own payment system
According to Weimert, the dominance of American payment giants poses risks to Europe’s financial sovereignty, especially in the event of a deterioration in transatlantic relations.
“Dependence on non-European payment systems is a strategic vulnerability. In the event of a serious political conflict, the payment infrastructure could be used as a lever of influence,” she stressed.
That is why the creation of a European alternative to Visa and Mastercard is considered a pan-European priority.
How dependent is Europe on Visa and Mastercard?
According to the European Central Bank, Visa and Mastercard processed almost two-thirds of all card payments in the eurozone in 2022. At the same time:
- 13 EU countries do not have their own national payment alternatives;
- in countries where such systems exist, their use is gradually declining.
This strengthens the arguments of those in favor of creating a single European payment platform that could operate independently of external jurisdictions.
Geopolitical context
The discussion has intensified amid growing tensions in global politics. Earlier, the media reported that European leaders were discussing a strategy to respond to possible actions by US President Donald Trump, which would involve a restrained public response but at the same time a readiness to take retaliatory trade and tariff measures.
In this context, financial infrastructure is increasingly seen as an element of the EU’s strategic autonomy, alongside energy, defense, and technology.
What this could mean for consumers
The launch of its own payment system will not mean an immediate rejection of Visa and Mastercard. Rather, it is a long-term project that should ensure:
- the EU’s financial independence;
- protection from external political pressure;
- stability of the payment infrastructure for citizens and businesses.
