Story perspectives

EU Officials Demand Payment Alternatives to Visa, Mastercard

2/10/2026

Summary

Story summary

European officials warn Visa and Mastercard dominate nearly two-thirds of eurozone card transactions, creating strategic risks amid geopolitical tensions.
Martina Weimert, head of the European Payments Initiative (EPI), calls for a cross-border payment network.
Thirteen EU countries lack national alternatives, raising fears American companies could leverage their dominance.
The EPI launched Wero, a digital payment service, and the European Central Bank (ECB) promotes a digital euro.

History

Historical Context

The European Payments Initiative (EPI) launched Wero in 2021 to reduce reliance on American payment giants Visa and Mastercard, which controlled about 66% of eurozone card transactions. This initiative reflects ongoing efforts since 2020 to establish a European payment system, aiming for greater financial autonomy and competitiveness in the digital payments landscape, crucial for the EU's economic sovereignty.

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Story summary

European officials warn Visa and Mastercard dominate nearly two-thirds of eurozone card transactions, creating strategic risks amid geopolitical tensions.
Martina Weimert, head of the European Payments Initiative (EPI), calls for a cross-border payment network.
Thirteen EU countries lack national alternatives, raising fears American companies could leverage their dominance.
The EPI launched Wero, a digital payment service, and the European Central Bank (ECB) promotes a digital euro.

1 / 2