In TrendsStock MarketStocks to BuyAsian StocksApple PaySwastika Infra IPOHow Europe plans to reduce dependence on US payment giantsBizum, Bancomat, Wero and other European payment groups are forming a new network to connect cross-border payments and reduce reliance on US giants.By Reuters September 30, 2026, 3:22:54 PM IST (Updated)(Photo Credit : Reuters)European domestic payment groups serving 130 million people, including Spain’s Bizum, Italy’s Bancomat and Wero, said on Wednesday (September 30) they were combining forces to form a joint company to oversee cross-border payments.Europe has been trying to curb its dependence on Visa and Mastercard, over fears the Trump administration could limit access to the US payments infrastructure. The two US giants now handle almost two-thirds of the bloc’s card payments.While the European Central Bank aims to introduce a digital euro by 2029, essentially an online wallet guaranteed by the ECB but operated by private companies including banks, national payment systems are focused on interlinking their own networks.The new European Network for Payments (ENP) will be based in Madrid and operate a common interoperability hub, joining up the different payment systems, the firms said in a statement.European policymakers have made payments sovereignty a priority as a fragmenting global order raises risks…
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