Europe Launches $24T Rival to Visa and Mastercard
A massive new payment system could dethrone the credit card giants.
Deep Dive
Europe has officially begun its rollout of the European Payments Initiative (EPI), a unified payment system designed to challenge Visa and Mastercard's dominance. Backed by major European banks, the EPI aims to create a single, pan-European digital wallet and card for both online and in-store purchases across the entire EU. This move directly targets the duopoly that processes over $24 trillion in European transactions annually, seeking to reclaim sovereignty over the continent's financial infrastructure.
Why It Matters
This could drastically lower transaction fees for businesses and consumers while reshaping global financial power dynamics.