Payment: European banks engaged in a race against time

The European Payments Initiative (EPI) was launched this summer with the aim of enabling Europe to counter the dominance of the American giants. A sovereignty issue according to the European authorities. But the pressure exerted by the Gafa leaves little time to act.

The operational phase of the PPE should not start before 2022.

The work is titanic, the schedule tight. This summer, sixteen European banks launched, with the blessing of the Brussels authorities, the major project of the European Payment Initiative (EPI). A project which should allow Europe to emancipate itself from the domination of the American Visa and Mastercard, but also serve as a weapon against the rise of the Gafa.

The coming months will be decisive for the success of this initiative, which must, in record time, convince as many banks as possible to get on the train in order to extend its reach. For this, they can count on the European authorities who take a very dim view of the fact that foreign players can, under pressure from their government, block European banking transactions, as Visa and Mastercard did during the war. Crimean.

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