European payment providers have announced the creation of the European Network for Payments (ENP), a cross-border payment system based in Madrid. The initiative aims to reduce reliance on US-based giants Visa and Mastercard, which currently handle two-thirds of card transactions in the eurozone.
The founding members include Bancomat, Bizum, EPI Company/Wero, SIBS-MB WAY, and Vipps MobilePay. Collectively, these services serve over 130 million people and cover more than 70% of the population across 13 European countries. The network is designed to integrate existing systems rather than replace them.
The project will initially focus on peer-to-peer payments, with plans to expand into e-commerce and point-of-sale transactions. The organization is currently funded by its shareholders. Future integration with the digital euro, expected by 2029, remains a possibility for the network.
Success for ENP depends on regulatory developments, merchant adoption, and political support from EU member states. Martina Weimert, CEO of the European Payments Initiative, emphasized the urgent need for a regional alternative to mitigate risks associated with potential restrictions on US payment infrastructure.
