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https://fr.sputniknews.com/international/202006301044035036-le-rival-europeen-des-geants-americains-visa-et-mastercard-devrait-bientot-voir-le-jour/
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Twenty major European banks including French could eventually replace the American payment networks Visa and Mastercard. According to Les Échos, this will be possible thanks to the European interbank project EPI, whose launch is to take place on July 2.
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The launch of the European interbank project EPI (European Payments Initiative) should be announced this week, more certainly Thursday July 2, which could ultimately allow 20 European banks to do without the American giants Visa and Mastercard, reports Les Echos.
“This project will require a lot of technological investment but also communication. The new brand will have to be installed so that it is as familiar to consumers as Visa or MasterCard, ”explains a banker who takes part in the project on a daily basis.
Widely supported by the European Central Bank (ECB) and the European Commission, the program aims to create a new European standard for processing card payments, but also transfers, instant or mobile payments.
“It is European sovereignty that is the key word of the project,” said a person close to the dossier at Les Echos.
A European scheme
A common structure intended to eventually replace the national “schemes” (“project”), such as the Cartes Bancaires CB group in France, will involve the European instant payment system TIPS (Target instant payment settlement) launched in 2018 by the ECB .
“Our pride would be to demonstrate that public and private decision-makers have been able to erase their differences and share in common to create a European” scheme “”, concludes the banker.
According to Les Échos, this project, which aims to correspond to the new uses of European consumers in terms of payments, covers three aspects: the transaction by card or transfer in instant payment mode, the Request-to-pay service which allows the beneficiary to send a payment request to the debtor and the electronic wallet which combines both the card and the Request-to-pay on a mobile.
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