GoKawiilEuropean payment schemes form Madrid-based joint venture, European Network for Payments
Five national payment systems—Bancomat, Bizum, EPI Company/Wero, SIBS-MB WAY and Vipps MobilePay—announced a joint venture called the European Network for Payments, headquartered in Madrid. The network will link their existing systems via a shared technical layer built on European standards and instant account-to-account transfers, serving a combined 130 million users across 13 countries. Rollout will start with cross-border person-to-person payments before expanding to e-commerce and point-of-sale.
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The initiative reflects European policymakers' push for payments sovereignty amid worries about reliance on US-based Visa and Mastercard, according to the companies involved. Executives say fragmentation among national schemes has been a longstanding barrier, and pooling resources could help achieve the scale needed for the network to become self-sustaining through its own fees. The group also suggests its infrastructure could eventually work alongside the ECB's planned digital euro, though that link remains speculative at this stage.
- Five European payment schemes are forming ENP, a Madrid-based joint venture covering 130 million users in 13 countries.
- The project aims to build a common cross-border payments layer to reduce dependence on Visa and Mastercard.
- Rollout will begin with person-to-person payments, followed by e-commerce and point-of-sale, with shareholders covering early costs.
Source: rte.ie, 2026-10-02
Published there as: “European payments groups join forces to challenge US dominance”
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