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European Payments Initiative Project Pivots After 20 banks Depart

The European Payments Initiative (EPI) will now be refocused on developing its second component, a digital wallet and instant payment system.

The ambition to create a European alternative to Visa and Mastercard has fallen flat after 20 banks (from Spain, Germany, Finland, and Poland) withdrew from the project, forcing the remaining 13 (mainly French) banks to abandon the initial plan to create a rival card payments network. The European Payments Initiative (EPI) will now be refocused on developing its second component, a digital wallet and instant payment system.

Read the Full Article on Omdia's Global Research Site