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European banks and credit card processors are working to establish a new pan-European payment network to challenge the dominance of the US payments companies Mastercard and Visa and head off the threat from technology giants such as PayPal, Google and Apple.
The Brussels-based project, called the European Payments Initiative, began in July and is expected to go to market in the EU next year.
Thus far, it has received funding of more than $36 million from sponsors. Its backers include 31 European banks and credit institutions such as Deutsche Bank, UniCredit, BNP Paribas, ING, Societe Generale, Santander and Sabadell. It also has the backing of the European Commission as well as various financial regulators in the bloc.