European banking chief warns: Europe urgently needs alternatives to Visa and Mastercard
A senior European banking official has called for the rapid development of homegrown payment systems, warning that Europe remains overly dependent on US-based card networks such as Visa and Mastercard.
Martina Weimert, Chief Executive of the European Payments Initiative (EPI) — a consortium of 16 European banks and financial services companies — said that US payment processing firms currently account for around two-thirds of card transactions in the eurozone, highlighting a significant reliance on international payment solutions.
Weimert noted that while several European countries have their own domestic card schemes, these systems are largely fragmented and lack cross-border interoperability, making them less competitive compared to global networks.
According to data from the European Central Bank, Visa and Mastercard together represented nearly two-thirds of all card transactions in the eurozone in 2022, while 13 member states are now working toward establishing a common European alternative.
She emphasized that achieving greater payment independence is becoming increasingly critical, particularly as cash usage continues to decline. European officials are also growing more concerned that the dominance of US payment companies could be leveraged as a geopolitical tool if transatlantic relations were to deteriorate.
The warning comes amid broader discussions within the European Union on strengthening financial and digital sovereignty and reducing reliance on foreign-controlled financial infrastructure.
