More than 30 of the largest European banks and credit card processing companies are trying to create a payment giant that can destroy the "oligopoly" dominated by the US.
The Brussels-based facility, which currently employs 40 payment experts, is due by September to develop a pan-European payment service plan that can pay online in stores, settle bills between individual consumers, and withdraw funds. cash at ATMs.
The banks and acquirers behind the initiative include Deutsche Bank, BNP Paribas, ING, UniCredit, and Santander, and they currently process more than half of all payments in Europe. The project enjoys the support of the European Commission, as well as the financial regulators of
the euro area. EPI has received over € 30 million from sponsors.
The first real applications — a real-time electronic payment system between consumers - could be launched in early 2022, and a broader payment instrument could appear in the second half of next year.
The first real applications — a real-time electronic payment system between consumers - could be launched in early 2022, and a broader payment instrument could appear in the second half of next year.
But, recall that previous pan-European attempts to challenge superiority of US in payments failed miserably. The Monnet Project, which was supported by 24 European lenders in 2011, failed due to a lack of political support and an inability to develop a viable biz model.
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