Why the EU Wants to Break Free from Visa and Mastercard
In 2025, the European Central Bank (ECB) officially announced a plan to reduce reliance on foreign payment systems such as Visa, Mastercard, PayPal, and Alipay. ECB President Christine Lagarde stated that Europe can no longer depend on U.S. and Chinese-controlled infrastructure for digital payments.
The Problem with the Current Payment Landscape
According to Lagarde:
"Europe’s digital payment infrastructure is overly dependent on foreign corporations. We need sovereign European solutions."
Challenges with Visa/Mastercard/PayPal dominance:
- Transaction fees of 2–3% per order
- Exposure to geopolitical risk and sanctions
- Lack of European regulatory control
The European Payments Initiative and Wero
To address these concerns, leading European banks have launched the European Payments Initiative (EPI), and with it, the digital wallet Wero — now rolling out in France and Germany.
Goals of Wero:
- Create a unified, pan-European instant payment system
- Reduce reliance on non-EU players
- Offer an alternative for both retail and online commerce
Pay by Bank: A Ready-to-Use Alternative Today
While Wero is still rolling out, one solution is already live — Pay by Bank, powered by Open Banking APIs.
Why Online Stores Are Switching to Pay by Bank
Cards vs Pay by Bank vs Wero
Platforms like Wallid let you integrate Pay by Bank with Shopify in just a few clicks — no dev team needed.
Final Thoughts
The EU is serious about building a sovereign payment ecosystem, and alternatives like Wero are just the beginning.
But Pay by Bank is already here — empowering online merchants to:
But Pay by Bank is already here — empowering online merchants to:
- Cut transaction costs
- Speed up their cash flow
- Stay ahead of regulation
