The European Bizum will soon be a reality. It is very bad news for VISA and Matercard
Europe is set to launch a unified mobile payment system, a significant development aimed at fostering digital sovereignty and challenging the dominance of established global payment networks. This initiative, driven by a consortium of European payment platforms, seeks to provide a seamless and accessible experience for consumers across the continent. The interoperability agreement connects platforms such as Bizum (Spain, Italy, Portugal), SIBS (Portugal), Vipps Mobile Pay (Norway), and Wero (Germany, France, Belgium), among others. This collaboration allows approximately 130 million users across the EU and Norway to conduct transactions, with further expansion planned to include non-eurozone countries and Switzerland. The system is designed for ease of use, mirroring the success of national mobile payment solutions. This pan-European payment infrastructure poses a considerable challenge to major players like Visa and Mastercard. By offering a locally developed and integrated alternative, the initiative aims to reduce reliance on foreign-controlled financial technologies and strengthen the European digital economy. The move aligns with broader EU digital policy objectives, promoting innovation and competition within the single market.
Curated and translated by Europe Digital for our multilingual European audience.
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