Europe Unveils Own Payment Network to Rival US Giants

Europe has launched its own payment network, dubbed the European Network for Payments (ENP), in an effort to reduce its dependence on American systems like Visa and Mastercard. The new alliance brings together major banks and local payment services from several EU countries, including Italy's Bancomat, Spain's Bizum, Portugal's SIBS-MB WAY, and the Nordic Vipps MobilePay.

The ENP will operate as a shared 'translator' hub, linking national services like Bizum or Bancomat through a single platform. This means that users can continue to use their existing apps without having to download new ones. For example, a Spaniard using the Bizum app can pay in a shop in France with ease.

The rollout will be gradual, starting with cross-border transfers between individuals before expanding to online stores and regular points of sale. This move is part of Europe's efforts to enhance its strategic autonomy in payments and reduce reliance on foreign systems. European Central Bank President Christine Lagarde has emphasized the need for a European solution, stating that 'we want to be sovereign at home' when it comes to processing payments.

Czech banks have been cautious about joining the ENP, with Air Bank noting that current solutions are mainly targeted at eurozone countries. Česká spořitelna's Filip Hrubý stated that what matters is whether the new network catches on with customers and merchants, offering advantages over existing systems.