Europe “urgently” needs to reduce its reliance on US groups such as Visa and Mastercard, the head of a banking alliance has said, as officials warn that their market dominance could be weaponised if transatlantic relations were to deteriorate.
“We are highly dependent on international [payment] solutions,” said Martina Weimert, chief executive of the European Payments Initiative (EPI), a consortium of 16 European banks and financial services companies.
“Yes, we have nice national assets like domestic [payment] card schemes . . . but we don’t have anything cross-border.
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