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 ...
Cite or link to this article
Griffin, M. (2021) 'Major european banks get serious about building a Mastercard and Visa rival', 311 Institute, 4 June. Available at: https://www.311institute.com/major-european-banks-get-serious-about-building-a-mastercard-and-visa-rival/ (Accessed: 1 October 2026).
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.
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".
"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.
What this means for your organisation
Payments become a sovereignty issue.
Europe wants a network that does not depend on two US card giants. That turns payments into a strategic, not just commercial, choice. Firms should expect political support for local payment rails.
Merchants may gain new options.
A single European scheme with wallets could compete hard for merchants. Retailers should watch for new acceptance options and plan to support them. Early adopters may win better terms.
Technology partners will be chosen soon.
The initiative is building a longlist of technical partners. Firms with payment infrastructure skills have a window to bid. Banks should decide whether to join, build or wait.
Three questions for your next leadership meeting
- How dependent are we on non-European card networks?
- Should we accept a new pan-European payment scheme early?
- Could we bid to supply payment infrastructure?
The trends and technologies behind this story
From the 311 Starburst, the 311 Strategic Intelligence Unit’s map of the technologies and trends shaping the next 50 years.
Analysis by the 311 Strategic Intelligence Unit, from Matthew Griffin’s article and 311 data. First published on Fanatical Futurist.
FAQ
Why does this matter?
Today it seems we have America, China, and then "the others", increasingly Europe wants to change that narrative ...
About the author
Matthew Griffin Founder, President and Futurist, 311 Institute
Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath."
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Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath." 17-time best selling author of the "Codex of the Future" series, Matthew is the Founder, President and Futurist of the 311 Institute, a global Futures and Deep Futures advisory firm working with royal households, world leaders, G7, G20, and G77 governments, NGOs, and multi-national mid and mega cap firms to help them explore, shape, and lead the next 50 years of business and society.
An award-winning YouTube creator with over a million followers, with an unrivalled global reach and impact, Matthew is a highly sought-after international keynote speaker, lecturer, and mentor who collaborates with global leaders through the United Nations Alliance of Civilizations (UNAOC) and United Nations General Assembly (UNGA) to shape pivotal initiatives such as the UN’s AI for Humanity program, the United Nations Conference of the Parties (UN COP), and the World Economic Forum in Davos.
As the former Global Head of Cloud, National Security, and Enterprise Sales for companies including Atos, Dell-EMC, and IBM, Matthew has a proven track record of building multi-billion dollar business units and turning failing divisions into market leaders. His ability to identify, analyse, and communicate the implications of hundreds of emerging technologies and trends is unparalleled, and his insights are trusted by many of the world’s most respected organisations, including ABB, Accenture, Adidas, AON, ARM, BCG, Centrica, Citi, Coca-Cola, Dentons, Deloitte, Dow Jones, EY, Google, KPMG, Lego, Legal & General, LinkedIn, Microsoft, PepsiCo, Qualcomm, RWE, Samsung, Siemens AG and Siemens Energy, T-Mobile, UBS, VISA, Walmart, Workday, Worldpay and many others.
Regularly featured in the global media including the AP, BBC, Bloomberg, CNBC, Discovery, Forbes, Khaleej Times, Telegraph, TIME, ViacomCBS, WIRED, and the WSJ, Matthews mission is to help organisations create a fair and sustainable future whose benefits are shared by everyone irrespective of their ability, background, or circumstances.
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Sources and further reading
- Nets nets.com.sg
- RFI epicompany.eu
Source: first published by the 311 Institute on 4 June 2021. Cite as: Griffin, M. (2021). Major european banks get serious about building a Mastercard and Visa rival. 311 Institute. https://www.311institute.com/major-european-banks-get-serious-about-building-a-mastercard-and-visa-rival/
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