Martina Wiemert, the CEO of the European Payments Initiative, has raised alarms about Europe’s heavy reliance on American payment giants Visa and Mastercard. In a recent interview with the Financial Times, she highlighted that while Europe does possess good local payment card options, there is a lack of a cross-border solution that could provide greater financial autonomy. Wiemert underscored the urgency for Europe to act independently, particularly given the current geopolitical climate that necessitates financial self-sufficiency.

The Financial Times noted that Visa and Mastercard dominate the payment card transactions within the Eurozone, controlling approximately two-thirds of such activities according to the European Central Bank data from 2022. Alarmingly, 13 European nations lack any significant local alternatives, which raises concerns about the stability of European commerce under potential adverse pressures from the USA, especially given the current global economic landscape.

Wiemert also pointed out a concerning trend: even in nations that do have local payment options, the use of these alternatives is decreasing because consumers are increasingly dependent on the established American systems. This trend puts European regulatory efforts at a disadvantage, indicating an urgent need for Europe to establish a more robust and self-sufficient payments infrastructure that can withstand external pressures.