Proposals have already been put forth by the Commission.
In the realm of payment systems, discussions surrounding the lack of a true European solution like Visa or Mastercard have been a hot topic at events such as PEX 2025. Experts and policymakers are advocating for an independent European payment infrastructure, with the digital euro at its core.
Jochen Siegert, Founder and Senior Advisor at P&B, cautions against blindly adopting PR claims from individual payment procedures or their representatives, as they may be exaggerated or distraction tactics. Instead, he emphasises the importance of a real mindset shift in Germany, and Europe as a whole, to create a strong, European payment system like Wero.
The European SEPA network, along with its accompanying infrastructure, is considered the only real alternative to a strong, European payment system. However, its partial integration into existing payment systems like POS terminals needs improvement. Wero is preparing the integration of the SEPA network into existing payment systems, but the system is not yet widely used in commerce.
André M. Bajorat, another Founder at P&B, states that the current U.S. administration may politicize payment systems further, and Europe should be prepared with a response. Greater European sovereignty in payments could stimulate competition and offer consumers more choices.
Switzerland, with TWINT, is an example of a country that has successfully implemented a local payment system. Building an independent European payment infrastructure, such as the digital euro or Wero, could protect Europe from geopolitical risks and strengthen its innovative capacity and competitiveness.
Martina Weimert, CEO of the European Payments Initiative (EPI), highlights the risk of Europe's strong dependence on the US in payments. She cites examples of US measures when there are political divergences. EPI is an open club offering various participation options for European players willing to participate in the creation of a European payment solution.
A major effort and concentrated action from European players - banks, acquirers, regulators - would be necessary to have a quick European solution as a possible answer. Marcus W. Mosen, Consultant and N26 Supervisory Board Chairman, emphasizes the need for European offerings to drive forward innovation, speed, and customer value, rather than focusing on political debates.
The digital euro, if implemented, would be a public infrastructure—free to use, secure, widely accepted, and privacy-respecting, especially offline. It is seen as essential to maintain the European Central Bank's (ECB) central role in payments and safeguard financial autonomy. The declining use of cash in the Eurozone is raising concerns about dependence on foreign payment providers.
The digital euro will not replace cash but complement it, expanding the range of payment options while strengthening Europe’s autonomy and resilience in payments. The EU is accelerating its digital euro development partly in response to US stablecoin regulation growth and the dominance of US-based payment networks, aiming to ensure Europe’s financial infrastructure evolves independently.
There is acknowledgment that broader innovations like euro-denominated stablecoins and distributed ledger technologies will be part of a comprehensive European digital payments strategy to compete globally and enhance cross-border payments. However, experts emphasize that global coordination on regulation is needed to avoid fragmentation and US dollar dominance, suggesting the digital euro is a key piece but must fit into a larger strategic framework.
Nicole Nitsche, P&B Business Manager, discussed the risks of Europe’s dependence on US payment systems and the need for Europe to prepare for potential scenarios where US companies might be forced to stop their services in the EU. Many Europeans can imagine scenarios where payment systems could be used as political leverage, such as indirect collection of NATO contributions through card usage.
In sum, Europe’s payment industry and policymakers see an independent payment infrastructure built around the digital euro as both necessary and strategically urgent to reduce reliance on US payment giants, maintain competition, and uphold Europe’s monetary sovereignty in the digital age.
- In the context of the European payment industry, banking and finance professionals are advocating for the development of a strong, independent European payment system, such as Wero or the digital euro, to improve competition and offer consumers more choices, while reducing reliance on US payment giants and upholding Europe's monetary sovereignty.
- As the global economy becomes increasingly interconnected, it is crucial for the European Union to engage in general-news discussions surrounding the importance of a European payment infrastructure, as the beauty of a true European solution like Visa or Mastercard, is seen as essential to maintain Europe's financial autonomy and strengthen its innovative capacity and competitiveness in business and politics.
