European payment networks unite to create cross-border hub, cutting reliance on US card giants
A coalition of European domestic payment schemes, serving about 130 million users, announced the formation of a joint company to manage cross-border transactions and reduce dependence on Visa and Mastercard.
European domestic payment providers representing around 130 million consumers have agreed to launch a joint venture, the European Network for Payments (ENP), to oversee cross-border transactions and lessen reliance on Visa and Mastercard. Based in Madrid, ENP will create a common technical and operational hub that interconnects national schemes such as Spain's Bizum, Italy's Bancomat and Wero, and others across 13 countries.
The founders—Bancomat, Bizum, EPI Company/Wero, SIBS-MB WAY and Vipps MobilePay—together serve more than 70 % of the EU and Norway's population. This move follows worries that the two US card giants handle nearly two-thirds of the bloc's card payments and could be affected by potential US policy changes. While the European Central Bank works toward a digital euro by 2029, ENP focuses on linking existing networks through European standards and instant account-to-account transfers. The rollout will begin with cross-border person-to-person payments, later adding e-commerce and point-of-sale services, and other European schemes may join later.
Why it matters
It aims to give Europe more control over its payments infrastructure and reduce exposure to US card networks.
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