Martina Weimert, CEO of the European Payments Initiative (EPI), which includes 16 banks and financial services within the EU, has emphasized the urgent need for the European Union to lessen its dependence on US-based payment systems such as Visa and Mastercard. This call comes amidst rising tensions between the EU and the US, notably since the return of Donald Trump to the presidency, which has heightened concerns over the dominance of US tech solutions in Europe.

Weimert pointed out that while Europe has promising national payment schemes, the continent lacks a comprehensive cross-border solution. The urgency of this situation is accentuated by the observation that the EU's reliance on international payment systems poses a significant risk to its financial sovereignty. The remarks reflect a growing sentiment among European leaders who seek to bolster regional financial independence against external pressures.

In addition to advocating for a reduction in reliance on existing payment infrastructures, Weimert also mentioned the anticipated 'digital euro' being developed by the European Central Bank (ECB), which is projected to launch in 2029. This initiative represents a pivotal step for the EU in creating a unified digital payment system that could further diminish dependence on US providers and enhance the bloc's internal financial stability.