ECB Tells Industry To Build New Continent-Wide Payment Scheme

The European Central Bank (ECB) has thrown its weight behind the creation of a new continent-wide payment system for both retail and e-commerce, warning that reliance on global financial giants presents a threat to the EU single market.

Benoît Cœuré, a member of the ECB’s executive board, said on Tuesday that the region’s customer-facing payment offering “remains fragmented, with no European solution emerging for point-of-sale and online payments”.

Speaking at a joint conference alongside the National Bank of Belgium, the central bank official bemoaned the fact that international card schemes such as Visa and Mastercard are the only payment method near-universally accepted throughout Europe.

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