Europe faces rising pressure to cut its reliance on major US payment networks as officials warn that the dominance of Visa and Mastercard could become a strategic liability if political relations worsen. The call for Europe to develop credible alternatives comes from Martina Weimert, head of the European Payments Initiative, who said the region remains heavily dependent on international systems, Visa and Mastercard, for everyday transactions.
She noted that Europe needs solutions that work across borders, adding that the lack of such tools has become a growing concern for both policymakers and the financial sector.
Weimert said national payment schemes exist in several countries, but they do not extend across the single market. She said the need for independence is becoming more urgent and that Europe cannot afford to delay action.
Concerns rise as ECB highlights structural dependence
Data from the European Central Bank shows Visa and Mastercard processed almost two-thirds of Eurozone card payments in 2022. Thirteen member states still do not have national card systems, and in countries that do, usage has been declining.
Officials fear this dependence could be used against Europe in the event of a severe breakdown in ties with the United States.
BREAKING –
EU banking chief says European alternatives to Visa and Mastercard are ‘urgently’ needed
Europe is reducing its dependency on the US pic.twitter.com/64OAV4FxrC
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Concerns over digital vulnerability have been increasing. Belgium’s cybersecurity chief recently warned that Europe had lost control of its digital environment due to the strength of American technology companies.
Former ECB president Mario Draghi also cautioned that Europe’s deep digital and economic ties had created dependencies that could be exploited.
Europe looks for practical alternatives to Visa and Mastercard
In response to these pressures, the European Payments Initiative launched Wero in 2024 as a homegrown alternative to Apple Pay. The service counts 48.5 million users in Belgium, France and Germany and aims to expand to online and in-store payments by 2027.
Weimert said awareness among banks and merchants is growing, and the geopolitical climate has pushed the discussion into mainstream policy debates.
The ECB is promoting the digital euro to strengthen monetary sovereignty. The bank said previous private sector efforts struggled because companies could not align on common technical standards. Piero Cipollone, the ECB official leading the project, said Europeans should not be dependent on systems controlled abroad.
The digital euro faces political divisions and industry resistance. Lawmakers are expected to hold a close vote later this year. If approved, merchants in the Eurozone would be required to accept digital euros by 2029, and private firms would be able to build additional services on the infrastructure.
Supporters say the project could eventually form the base for a European alternative to the two dominant US card networks. Weimert warned that the effort may come too late if global tensions escalate.
