Sixteen banks announce pan-European payment system for 2022

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SIXTEEN BANKS ANNOUNCE PAN-EUROPEAN PAYMENT SYSTEM FOR 2022

PARIS (Reuters) – A group of sixteen banks from five eurozone countries announced on Thursday that they have started a process aimed at creating a “new unified European payment system” (PPE) due to be launched in 2022 in a region of globe where half of retail payments are still made in cash.

“EPI’s ambition is to create a unified pan-European payment solution based on instant payments / SEPA Instant Credit Transfer (SCT Inst), offering a bank card to consumers and merchants across Europe, a digital wallet and peer-to-peer payment solutions, “said the sixteen banks in a statement.

These banks include the French establishments BNP Paribas, Crédit Agricole, Société Générale, Crédit Mutuel and BPCE groups as well as Banque Postale.

The system that these groups aim to create corresponds to a desire expressed by Europe to see the development on its soil of competitors to the American Visa and MasterCard.

“The solution aims to become a new payment standard for European consumers and merchants for all types of transactions, including in-store, online, for cash withdrawals and peer-to-peer solutions for international payment schemes “, underline the sixteen associated banks.

The start of the implementation phase will materialize in the coming weeks with the creation of an interim company based in Brussels.

Other payment service companies are invited to join this initiative.

The aim is to offer a digital payment solution that can be used throughout Europe and “thus redraw the current fragmented landscape” continues the press release.

In addition to the six French establishments, there are also BBVA, Commerzbank, Deutsche Bank, Santander, ING, UniCredit, CaixaBank, KBC, DZ Bank and Stadtsparkasse in Munich.

(Nicolas Delame and Henri-Pierre André in Paris, with Huw Jones in London; edited by Jean-Michel Bélot)

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