Visa and Mastercard should be wary, this European rival wants to get rid of them

European payment providers are joining forces to challenge the dominance of global card giants, signaling a significant push towards digital sovereignty in the continent's financial sector. The Alliance EuroPA and EPI Company, the owner of the Wero payment solution, have inked a major agreement aimed at establishing interoperable payment systems across multiple European nations. This collaboration seeks to create a unified and independent European payment infrastructure, reducing reliance on existing international networks. The core of this initiative lies in Wero, a mobile payment solution developed by EPI Company. This platform is designed to facilitate seamless transactions between users of different banks and countries within the European Union. By enabling direct peer-to-peer payments and in-app purchases without relying on intermediaries like Visa and Mastercard, Wero aims to offer a more efficient and potentially cost-effective alternative. The ultimate goal is to create a robust and secure European payment ecosystem that fosters innovation and competition. This development directly impacts European consumers and businesses by offering a homegrown alternative to established payment methods. A more independent payment system could lead to lower transaction fees and enhanced data protection, aligning with the EU's broader digital policy objectives. The move is also a clear signal of Europe's ambition to build its own digital champions and reduce its dependence on non-European tech giants, fostering greater economic resilience and technological autonomy across the region.