Europe plans to create an improved instant payment system to “overcome dependence on international payment systems” such as Visa, MasterCard, Amazon, Apple and PayPal, reuters reports.
European instant payment system
Vice President of the European Commission Valdis Dombrovskis said at a conference on Tuesday that his team plans to launch a pan-European system by the end of 2021.
“By that time, everyone in the EU, people and companies, should be able to carry out domestic and cross border instant payment transactions in all payment situations,” said Dombrovskis.
Adding: “EU banks must become fully available for providing and receiving instant payments across the EU.”
Speaking at the same conference, European Central Bank Board Member Benoît Coeuré said that Europe must overcome its dependence on international payment systems such as Visa, MasterCard, Amazon, Apple and PayPal – which are located in the United States.
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- As you know, in Europe there is already an Target Instant Payment Settlement TIPS, but its promotion was unsuccessful.