LONDON : An initiative to offer an instant payments service in Europe from the end of 2023 said on Tuesday it has acquired two payment firms and obtained the backing of more banks after scaling back ambitions to take on U.S. payments giants Visa and Mastercard.The European Payments Initiative (EPI) said i
LONDON : An initiative to offer an instant payments service in Europe from the end of 2023 said on Tuesday it has acquired two payment firms and obtained the backing of more banks after scaling back ambitions to take on U.S. payments giants Visa and Mastercard.
EPI said Belfius, DZ Bank, ABN Amro and Rabobank have joined existing backers which include BNP Paribas, BPCE, Credit Agricole, Deutsche Bank and Societe Generale. EPI's ambitious aim of creating a European alternative to dominant cross-border card payments systems Visa and Mastercard was due to become operational last year, but collapsed after half of its member banks left.
The wallet will be launched for the first users in a pilot phase by the end of 2023 across France and Germany, with a broader market launch that includes Belgium in early 2024.
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