European banking alliance urges urgent alternatives to Visa and Mastercard

Monday 09 February 2026 - 17:50

By: Dakir Madiha

European banking alliance urges urgent alternatives to Visa and Mastercard

Europe must urgently reduce its reliance on US payment giants Visa and Mastercard, the head of the European Payments Initiative has warned, as officials grow increasingly concerned that American-controlled financial infrastructure could be used as leverage amid worsening transatlantic relations.

Martina Weimert, chief executive of the EPI banking alliance, told the Financial Times that if independence is truly considered vital, Europe must act without delay. Her comments come as European leaders face mounting trade tensions following tariff threats by President Donald Trump against eight NATO allies over Greenland, fueling fears that US dominance over critical economic infrastructure could become a political tool.

American payment networks dominate European commerce. Visa and Mastercard accounted for nearly two-thirds of card transactions in the euro zone in 2022, according to European Central Bank data. Thirteen EU member states have no domestic alternative to US payment systems, and where national options do exist, their use has been declining.

Former ECB president Mario Draghi recently warned that deep integration has created dependencies that can be exploited when partners are no longer aligned. He said interdependence, once viewed as a source of mutual deterrence, has become a source of leverage and control. Belgium’s cybersecurity chief Miguel De Bruycker echoed those concerns, telling the Financial Times that Europe has effectively lost control of the internet because of American technological dominance.

The European Payments Initiative, backed by 16 major banks including BNP Paribas and Deutsche Bank, launched its digital payments platform Wero in 2024. The service now has 48.5 million registered users in Belgium, France, Germany and the Netherlands. Expansion to Luxembourg is planned by June 2026, with point-of-sale and online payment capabilities expected to be introduced by 2027.

Wero is based on instant account-to-account payments, removing card network intermediaries and associated fees. Over the past year, the platform has processed more than 7.5 billion euros in peer-to-peer transfers, highlighting growing demand for alternatives within Europe.

The European Central Bank has also signaled support for strengthening payment sovereignty. ECB executive board member Piero Cipollone has urged European lawmakers to avoid delays on the digital euro, warning that inaction leaves the continent exposed to non-European big tech firms. If approved, a digital euro could be issued as early as 2029, with merchants required to accept it both online and in stores.

Euro zone finance ministers are set to meet on February 16 to discuss strengthening the euro’s global role. A European Commission paper for the meeting explicitly calls on Europe to create its own payment system to free itself from Visa and Mastercard. An analysis by the Center for European Policy Analysis noted that while Europe has world-class instant payment infrastructure, it has failed to make bank payments the default option at checkout, limiting their widespread adoption.