European rivals Visa and Mastercard are demanding public funding from Reuters

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Author: Huw Jones
LONDON (Reuters) – A European payment network backed by 22 banks to compete with US partners Mastercard (NYSE 🙂 and Visa (NYSE 🙂 demanded public money on Tuesday, saying its private sponsors were not ready to destroy them all. the money needed.
The European Payments Initiative (EPI) was launched last year and is looking to bring together more banks and other actors in payments in December to finalize plans to start expanding its immediate and card-based payment network.
“Public funding would be good,” EPI CEO Martina Weimert said at an event hosted by the European Federation of Payment Institutions. “Let’s not hide it. It will be a massive investment. It’s expensive.”
Traders have said they are not willing to pay, and banks and other EPI shareholders can “transport so much,” Weimet said, without giving details of the investment required.
Deutsche Bank (DE :), UniCredit, BNP Paribas (OTC :), ING, Societe Generale (OTC 🙂 and Sabadell are among the 22 banks in seven EU countries, including those backed by France, Germany and Spain.
The European Union has sought to achieve strategic autonomy in financial services, such as reducing confidence in the US Mastercard and Visa to make cross-border card payments. It is unclear whether this will extend to EPI’s financial support.
Weimet said the EPI is in a “critical phase” of decision-making in the coming weeks.
It will build a new system and largely replace many national systems to reduce the division and overlap of payments, he said, with a view to launching peer-to-peer transactions based on instant payments in 2022, followed by e-commerce.
“It’s a big change, so it’s going to take time. Anyone who tells you it’s an easy call and let’s do it fast and dirty, it’s not really looking to transform the European ecosystem,” Weimert added.
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