European Banks Are Planning To Refuse Visa and MasterCard

According to AFP, several dozen banks are developing a payment system to replace Visa and MasterCard. This initiative originated in 2017 and initially had political implications, the source said.

At least 20 European banks are jointly developing a pan-European payment system that will replace American ones, including Visa and MasterCard. This was written by AFP with reference to sources in the industry.

This development is called PEPSI (Pan-European Payment System Initiative). According to sources, with its help it will be possible to manage all types of dematerialized payments.

An AFP source in the banking sector of France told the agency that this idea originated in 2017. Then, according to the source, the European Central Bank (ECB) wondered about the sovereignty of payments in Europe. “Initially, PEPSI is not a technical, but a political initiative,” he said. In turn, the deputy head of the main department of the Treasury of the Ministry of Finance of France, Jérôme Reboul, said that the view on the future of electronic payments and card payments has changed significantly in Europe over two years.

Carlo Bovero, head of the plastic cards department at BNP Paribas, on Tuesday, November 5, at a conference organized by Revue Banque, mentioned such a development, AFP reports.

The agency notes that not a single financial institution has yet confirmed its participation in the creation of such a payment system. At the same time, sources told AFP that most French banks, as well as the German Deutsche Bank, would take part in the development.


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