Sixteen European banks announced on Thursday the launch before 2022 of a new unified pan-European payment system, based on instant transaction technology, to offer an alternative to industry giants like Visa and Mastercard.
“Today, a group of 16 large European banks from five countries (Germany, Belgium, Spain, France and the Netherlands) have opened the way to the future launch of the EPI, the European payment initiative,” said these banks.
Its objective is to “create a unified pan-European payment solution based on instant payments (…) by proposing a bank card to consumers and merchants in Europe, a digital wallet and solutions” for payment between individuals (P2P) usable in all parts of the continent , detail the project actors.
“The great innovation will be allow someone to pay from anywhere in Europe, seven days a week, instantaneously with, for example, the mobile number of the beneficiary ”, explained Thierry Laborde, deputy general director of the BNP Paribas group.
At a cost of several billion euros, this new device aims to be implemented in the future in at least 60% of electronic payments in Europe.