Europe Takes Aim at US Payment Giants with Digital Euro Push
The European Central Bank is pushing forward with its digital euro project, aiming to reduce dependence on US payment systems. The ECB wants Europe to have a foothold in its own financial infrastructure rather than relying entirely on foreign-built systems.
A 12-month pilot for the digital euro will start in the second half of 2027, involving 36 finance firms including Deutsche Bank and Revolut. Businesses will need to accept digital euros by 2029.
The digital euro is seen as a way to counterbalance the dominance of US payment systems like Visa and Mastercard, which processed nearly half of Europe's card payments in 2025. In some countries, such as the UK, the concentration of power in these two companies is even higher, with 95% of card transactions relying on them.