EU Seeks Independence From US Payment Systems

European nations are working to reduce reliance on American payment systems like Visa and Mastercard, aiming for greater economic sovereignty. Following policies enacted by the Trump administration and increasing protectionism, the European Union is pursuing autonomy over the infrastructure that handles financial transactions. The European Payments Initiative (EPI) and its digital wallet, Wero, alongside the European Central Bank’s development of a digital euro, are central to this effort.

Currently, Visa and Mastercard process around 61% of card transactions within the Eurozone, creating a significant outflow of economic value through fees. Despite the creation of the euro and the SEPA system for interbank transfers, the EU has not developed a unified card scheme. Wero, built on the SEPA infrastructure, already boasts over 50 million active users and integrates successful national systems like iDEAL and Payconiq.

The digital euro is designed to complement these private sector initiatives by providing a public, stable, and privacy-focused alternative, potentially moderating market prices and fostering competition. The question remains whether similar steps will be considered in other regions, such as Mexico.