German, French Authorities Talk Up Hopes Of Homegrown Payment Scheme

Regulators from Germany and France are again calling for the development of a European-wide payment scheme, citing reiterating warnings over the influence of US card companies and the threat of technology giants from Silicon Valley and China.

François Villeroy de Galhau, governor of the Banque de France, said this week the continent should utilise its existing infrastructure to overcome a balkanised market for retail payments.

“The sad reality is that the European payments market is already dominated by non-European players,” he said, speaking at the International Financial Forum in Paris.

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