The mobile payment service Wero is positioned as an alternative to Apple Pay.
The European Union aims to reduce its dependence on American payment systems Visa and Mastercard, fearing that they could become tools of geopolitical pressure from the United States. This was reported by the Financial Times, citing a statement from the CEO of the European Payment Initiative (EPI), Martina Weimert. According to her, the dominance of American companies poses a risk in the event of deteriorating transatlantic relations, making the creation of a domestic payment system a "pan-European priority."
According to data from the European Central Bank (ECB), in 2022, Visa and Mastercard processed nearly two-thirds of all card payments in the eurozone. At the same time, 13 EU member states do not have their own alternatives, and where they do exist, their usage is declining. Piero Cipollone, a member of the ECB board, previously emphasized that Europe must avoid excessive dependence on systems that are outside its control.
As a first step, the EPI launched the mobile payment service Wero in 2024, which is positioned as a European alternative to Apple Pay. According to Weimert, Wero already has about 48.5 million users in Belgium, France, and Germany, and its expansion for online and offline payments is expected by 2027.
A long-term solution could be the digital euro, the issuance of which the ECB plans to start by 2029. According to the head of the European Parliament's Committee on Economic and Monetary Affairs, Aurora Lalucq, the digital currency could serve as the basis for a full-fledged European equivalent of Visa or Mastercard. However, Martina Weimert warned that in the context of escalating geopolitical tensions, the implementation of this project may be delayed. "The problem with the digital euro is that it will appear in a couple of years, possibly after Donald Trump's presidency," she explained.
