European Payments Network Challenges Visa and Mastercard Dominance

A new European payments network has emerged to challenge the dominance of Visa and Mastercard. The European Network for Payments (ENP) will start operating on September 30, 2026, with a goal of becoming an alternative payment solution across the continent.

The ENP is the result of a collaboration between several major European banks and fintech companies, including Bancomat, Bizum, Sibs-Mb Way, Vipps MobilePay, Epi Company/Wero, BNP Paribas, Groupe BPCE, Crédit Agricole, Crédit Mutuel (BFCM), La Banque Postale, Société Générale, Deutsche Bank, DZ Bank, Sparkassen-Finanzgruppe, ABN AMRO, ING Group, Rabobank, Belfius, KBC Bank, Erste Bank Oesterreich, Raiffeisen Bank International, Nexi (Italia), and Worldline (France).

The ENP will manage interoperability between the main European payment solutions participating in the initiative, remaining independent and autonomous from other payment schemes. By 2027, it aims to become a significant competitor to Visa and Mastercard, which currently handle around 90% of global card transactions outside China.