As of December 2025, American companies Visa and Mastercard process nearly two-thirds of card payments in the euro zone, and Europe is finally fed up with it.
If things get worse between the US and Europe, people here could be locked out of their money.
Martina Weimert, who runs the European Payments Initiative (EPI), said the situation was urgent. “We rely heavily on international solutions,” she said. Her group includes 16 banks and financial companies, including BNP Paribas and Deutsche Bank, who are looking to build something new.
“Yes, we have good national assets like a domestic card system…but nothing crosses borders,” Martina added. “If independence is so important…we need to act quickly.”
Officials push back against US control over European payments
According to the European Central Bank, Visa and Mastercard processed almost two-thirds of card payments in Europe in 2022. This is great power. And it’s not just a number. There are 13 countries in the EU that do not even have their own payment networks. Even in countries that have introduced such systems, they are disappearing. Cash is rapidly disappearing.
Former ECB president Mario Draghi made no secret of his concerns. “Deep integration has created dependencies that can be exploited when not all partners are allies,” he said. “Interdependence…became a source of influence and control.”
The situation is tense. Belgium’s cybersecurity chief has warned that Europe is already “losing the internet” because American technology is powering everything too much. If no one stops them, the payments will continue in the same direction.
EPI is trying to stop that. In 2024, it launched Wero, a digital payments app that works like Apple Pay. So far, it has 48.5 million users in Belgium, France and Germany. But it still doesn’t work everywhere. Full expansion of online and in-store payments is planned by 2027.
Martina said many banks and merchants have already recognized the need for truly cross-border solutions. But as global politics intensifies, it’s “becoming a mainstream topic,” she says.
ECB bets on digital euro as clock ticks towards 2029
The European Central Bank is fully committed to something else: a digital euro. This is a public money project. Their goal is to allow Europeans to send and receive money using a system run by Europeans.
Piero Cipollone, who heads the project, said so clearly. “As Europeans, we want to avoid a situation where Europe becomes overly dependent on payment systems that are beyond our control.”
But not everyone is thrilled. Some banks believe it will have a negative impact on private projects. Some politicians don’t like that. The European Parliament is voting on the bill this year, and a close race is expected.
If the vote passes, stores will be legally required to accept the digital euro by 2029. Infrastructure will also be open, allowing private companies to build on top of it. Aurore L’Arc, head of the European Parliament’s economic committee, supports the plan. He said it could help Europe eventually build something that can compete with Visa and Mastercard.
Still, Martina doesn’t think that will happen fast enough. “The problem with a digital euro is that it will probably be introduced within a few years after Donald Trump’s appointment, so I think it’s a bit overdue,” he said.
