of European Payments Initiative says the vision of a unified payment system is close to becoming a reality.
According to Tuesday (April 25), EPI plans to start piloting a person-to-person instant payment program in France and Germany by the end of the year. news release.
The pilot will be followed by a commercial launch next year, with expansion to other European countries, according to the release.
“At first, it will be person-to-person. digital wallet — under a single European brand — will address all everyday payment applications and be enhanced by other innovative services that enhance the customer experience,” said the release. “The goal also extends to consumer-to-business payments, online shopping, and point-of-sale payments.”
Meanwhile, EPI acquired a Dutch payment scheme currency ideal Payment solutions provider based in Luxembourg Payconic International.
The acquisition will enable EPI to “leverage the expertise of key players in the market to build and deploy unified and innovative pan-European payment solutions that meet the expectations of consumers and merchants.” increase.
PYMNTS surveyed the European payments landscape. interview last month Guise Boudewinegeneral manager of the Dutch Payments Association.
He said Europe does not have wide-scale plans to compete with international card networks, but launching one means giving consumers and merchants a reason to join. rice field.
“There is very little demand, especially from consumers. They can get a card from their bank that works well anytime, anywhere. So why would they need anything else?” Did.
As PYMNTS pointed out, this is the goal that EPI hoped to achieve, ultimately aiming to rival global card networks such as: master Card and visaand replace national payment schemes in Europe such as France Cult Banker And the German Giro card.
But while some retailers consider international credit card fees too high, Boudewijn has yet to see evidence that European solutions can deliver on their promise of lower fees for merchants. said no.
“For it to succeed, it has to be better and cheaper than what they already have today. Otherwise, why on earth would merchants accept those payments otherwise? ‘ he told PYMNTS. “They don’t do it just for idealistic or geopolitical reasons.”
