a European competitor to Mastercard and Visa launched in 2022

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“Unity is strength,” says the adage, and Europeans intend to compete against the United States. This Thursday, July 2, sixteen European banks announced the launch of a unified pan-European payment solution. It will be based on instant transaction technology. It intends to land as an alternative to Visa and Mastercard. His launch is expected by 2022.

It is a project that unites German, Belgian, Spanish, European and Dutch banks. It will allow consumers to benefit from a bank card, which intends to “become a new standard of payment for European consumers and merchants. for all types of transactions, including in-store, online, for cash withdrawals and payment between individuals, in addition to international payment scheme solutions. “

“The great innovation will be allow to settle everywhere in Europe, seven days a week, instantly with for example the beneficiary’s mobile phone number, “Thierry Laborde, deputy managing director of the BNP Paribas group, told AFP.

The project is expected to cost several billion euros. But ultimately it intends to be the interface for 60% of electronic payments in Europe. In detail, the implementation phase will begin in the coming weeks via the creation of an interim company in Brussels, responsible for launching the implementation work “to achieve the best possible user experience”, with a view to ” entered operational phase in 2022.

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