Christine Lagarde wants EU to ditch Visa, Mastercard for own platform

European Central Bank President Christine Lagarde is calling for a payments revolution — one that breaks Europe's reliance on U.S. and Chinese platforms like Visa, Mastercard, PayPal, and Alipay. Describing it as “a march towards independence,” Lagarde said Europe must build its own alternative to secure financial sovereignty. A fully unified capital market, she added, could pave the way for deeper fiscal integration — with a potential value add of up to €3 trillion annually. Related Articles Speaking on The Pat Kenny Show, Lagarde underscored Europe’s dependence on foreign digital payment infrastructure. “Visa, MasterCard, PayPal and Alipay are all controlled by American or Chinese companies,” she noted, arguing, “We should make sure there is a European offer.” Her comments come amid renewed focus on the Capital Markets Union (CMU) — a long-standing EU initiative aimed at creating a single capital market across member states. The goal is to improve the flow of investments and savin ... Read full article.