Scroll Top

Major european banks get serious about building a Mastercard and Visa rival



Today it seems we have America, China, and then “the others” – increasingly Europe wants to change that narrative …


Love the Exponential Future? Join our XPotential Community, future proof yourself with courses from XPotential Universityconnect, watch a keynote, or browse my blog.

The European Payments Initiative (EPI), a bank backed joint venture that aims to build a European rival to Mastercard and Visa, has put out a Request for Information (RFI) for ‘qualified technical partners’ to help it start building its central payments infrastructure.


Quantum sensors help BT boost the power of its 5G network a hundred fold


Backed by 31 major Eurozone banks and acquirers including Worldline and Singapore based Nets the EPI wants to “create a unified pan-European payment system” that doesn’t include the two giants and create what could become the world’s first viable rival service, including digital wallets and peer to peer payments, for the hundreds of millions of consumers and merchants across Europe.

Expected to enter the operational phase in 2022, the coalition established the EPI Interim Company in Brussels last July with the intention of setting out clear deliverables including the completion of the technical and operational roadmap.

EPI is currently assessing how the necessary central infrastructure could be obtained, or built, and how best it should be operated, “to sustain all the necessary scheme functions and needs, as well as the solution needs of the technical entity, in relation to the payment products EPI intends to deploy”.


IBM breakthrough uses AI to make blockchain more energy efficient

“In particular, determining the financial aspects of the different options for the setup, and the run of the central infrastructure is critical for allowing proper decisions and choices,” says the EPI.

The RFI will be used to establish a longlist of potential participants who will then be invited to submit a formal Request for Proposals later this year.

Related Posts

Leave a comment


1000's of articles about the exponential future, 1000's of pages of insights, 1000's of videos, and 100's of exponential technologies: Get The Email from 311, your no-nonsense briefing on all the biggest stories in exponential technology and science.

You have Successfully Subscribed!

Pin It on Pinterest

Share This