Mojo ♻️1d ago

Europe’s $24T breakup with Visa & Mastercard has begun. ECB’s Lagarde warns almost all EU card/mobile payments still run on non‑European rails, sending spending data outside the EU. Now EPI + EuroPA are launching Wero, a pan‑EU wallet for 130M users to pay cross‑border without US networks. A huge shift for payment sovereignty—and data privacy.

#payments #fintech #eu #wero #datasovereignty

https://europeanbusinessmagazine.com/business/europes-24-trillion-breakup-with-visa-and-mastercard-has-begun/

Europe vs Visa & Mastercard: The $24 Trillion Payments Shift

Europe is building its own payments system and reducing reliance on Visa and Mastercard. Here’s why the $24 trillion shift matters now.

European Business Magazine
Show threadkauer
@mojo I wonder if anyone will be able to use it? Much as anyone in the world can use Visa and Mastercard.
Mar 31 at 3:48amWeb
Show threadtecHunt1d ago
@kauer @mojo Each vendor will have to request #Wero individually, provided their payment service offers it in the first place.
It's gonna be a slow adoption process I'd wager. 🫤
Show threadRaphaël V1d ago
@tecHunt @kauer @mojo it builds on an existing system, which means that all major payment processors already have it, and many online shops (all those who have a significant business presence in the Netherlands) offer the option.
Show threadSamuelJohnson1d ago
@tecHunt @kauer @mojo It won't be a slow process. The transaction fees are a fraction of those paid to Visa or Mastercard. They only succeeded in Europe because of fragmentation in Europe. The Euro was the beginning of the end of that, now bank to bank payments will all but finish it.
Show threadRaphaël V1d ago
@kauer @mojo I don't think the intention is to replace card networks entirely, but it already works as an alternative way of paying online. It's more of a PayPal equivalent.
Show thread~n1d ago
@raphv @kauer @mojo Besides using existing infrastructure, the cost benefit will be significantly working i its advantage. CC payment cost tends to add up. Wero is at least an order of magnitude cheaper.
Show threadHuman after all1d ago
@raphv @kauer @mojo PayPal was European but of course Europe didn’t want it
Show threadArmin Hanisch1d ago
@kauer @mojo Using it for months now (and across borders in the EU as intended). Besides, it builds on the existing SEPA (single european payment area) instant money transfer (10seconds from payer to payee) so yes, full adaption will take time (and needs a browser-based frontend), but building things over multiple countries and hundreds of banks isn‘t a hobbyist project exactly. 😎