Payment: the Europeans give up on tackling the duopoly of Visa and MasterCard

The outlines of the new version of the EPI project, for European Payments Initiative, are beginning to appear. Forced to revise their ambitions downwards in the face of the abandonment of several major players – notably German -, the thirteen remaining project leaders (out of around thirty initially) should concentrate their action on the development of a digital wallet (Wallet ) and a solution based on instant payment, explained Martina Weimert, the leader of the interim EPI company, during a conference last Thursday.

On the other hand, there will be no PPE payment card. “We have lost the sovereignty component,” she admitted during this conference. Indeed, initially, the EPI project included the development of a European card scheme, aimed at unifying all the national schemes, such as Carte Bancaire (CB) in France. A way to counter the domination of Visa and MasterCard, which manage the majority of cross-border payments in Europe. “You have to call a spade a spade, we did not manage to find a consensus on this point”, recognized a source close to the file.

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