Last Updated on October 6, 2026 by TMB
European payment groups that currently serve 130 million people have said they are uniting to develop a payments system for their own cross-border transactions. The companies, including Wero based in Brussels, Bancomat in Italy, and Bizum in Spain, aim to reduce reliance on US-based payment networks like Mastercard and Visa. Other institutions in the group include Vipps MobilePay based in Oslo, and SIBS in Portugal.
ENP to Sidestep Visa and Mastercard
Current plans say the new venture, called the European Network for Payments (ENP), will facilitate cross-border payments by connecting various national payment systems. Also, according to Bizum’s deputy general manager for international expansion, Fernando Rodriguez, the European Network for Payments has plans to employ staff and has already appointed a chief executive officer (CEO). The new network considers a European alternative necessary because Mastercard and Visa currently handle up to 61% of card payments in Europe.
The system will connect existing networks through common technical and operational methods that meet European standards. The plan is to allow individual users to initiate and complete direct account-to-account payments. The service will be released in stages, beginning with these individual payments. Later, the service will support e-commerce transactions and point-of-sale payments.
In addition to processing more payments within Europe, the ENP hopes to capitalize on the proposed digital euro set for 2029 according to plans by the European Central Bank. According to the ECB, the digital euro would be issued by the central bank but available to all countries in the euro area. The ECB is currently working with various central banks, and plans for the digital euro would be supported by all services that accept digital payments in the euro area.
The ECB believes the digital euro is necessary because no other option currently serves the entire area. In addition, the ECB says 13 of 20 euro-area countries depend on international networks for card payments. Providers have already been selected to build the digital euro platform. In addition to the relevant national central banks, several private providers, all EU nationals, have also signed development agreements. This ensures the platform remains autonomous.
Current Digital Euro Plans
The European Central Bank is now seeking more collaborations and announced a call for expressions of interest on Monday, directed at private companies and organizations. Expected participants include payment service providers (PSPs), fintech companies, merchants, consumer associations, public institutions, technical service providers, and research institutes.
The collaboration will run in two phases: experimentation and exploration. The experimentation workstream will focus on features and services that improve the overall user experience, whether for individuals or merchants. For the exploration phase, the focus is on tech developments to improve how well the digital euro works, especially in the future. However, the ECB notes that it must adopt the relevant EU legislation before making a final decision on issuance.
