Mastodawn

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

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kauer Mar 31

@mojo I wonder if anyone will be able to use it? Much as anyone in the world can use Visa and Mastercard.

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tecHunt Mar 31

@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. 🫤

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SamuelJohnson

@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.