⚙️ EU🇪🇺: the ECB wants to create a sovereign payments system

⚙️ EU🇪🇺: the ECB wants to create a sovereign payments system

The main goal is to reduce dependence on US-based Visa 💸 and Mastercard💸.

📌 Who: European payment systems Bizum🇪🇸, Bancomat🇮🇹, Wero🇧🇪, SIBS-MB WAY🇵🇹 and Vipps MobilePay🇩🇰🇳🇴 are joining forces to create a cross-border European payments network (European Network for Payments, or ENP).

📌 Where: ENP will be headquartered in Madrid. It already has a CEO and is currently recruiting staff.

📌 How many: the founding systems have a combined customer base of 130 million people. This represents more than 70% of the population of 13 EU countries and Norway.

📌 How: ENP will not replace existing payment systems but will connect them through a shared technical and operational layer, based on European standards and enabling instant payments between accounts.

📌 Why:

🔵There are concerns that the Trump administration could restrict the EU’s access to payment infrastructure.
🔵Fragmentation hinders the development of payment systems, making greater integration desirable.

📌 What comes next:

🔵Implementation of cross-border payments between individuals.
🔵Expansion to e-commerce and transactions at points of sale.
🔵The possibility of adding other European payment systems.

✏️ Context: the digital euro, which is planned for introduction in 2029, could become part of the ENP system. The initial stage of the project has already been completed: the relevant legislation is expected to be adopted by the end of 2026, while a pilot project could be launched in 2027.

The initiative is part of Europe’s efforts to strengthen the autonomy of its payment systems.

#news #Europe #geopolitics

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