European Payment Networks Unite to Challenge Visa and Mastercard

Five major European payment networks are joining forces to create a cross-border payments system as Europe seeks greater control over its payment infrastructure and less dependence on major US payment companies. Spain’s Bizum, Italy’s Bancomat, Brussels-based Wero, Portugal’s SIBS-MB WAY and Norway’s Vipps MobilePay will establish the European Network for Payments (ENP), a joint venture based in Madrid. Together, the networks serve around 130 million people across 13 European countries.