EU payment system takes aim at card giants

Quick Summary:

The biggest banks in the European Union have spent years quietly creating a new way to pay that could finally allow customers to ditch their Visa and Mastercard cards — the latest sign that the region is looking to dislodge two of the most valuable financial firms on the planet.

Within days of Russia’s invasion of Ukraine in 2022, Visa and Mastercard moved swiftly to suspend their operations, preventing overseas payments by Russian cardholders and halting foreigners from making transactions on Russian soil.

Wero has a long way to go before it stacks up against Visa and Mastercard, which together process tens of trillions of dollars globally every year, or even the new generation of digital payment firms competing fiercely for consumers moving money.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Category: EconomyBusiness

Markets: ThailandBrazilChinaFranceIndiaLuxembourgMalaysiaNetherlandsPhilippinesSingaporeSwedenSwitzerlandUkraine

Topics: Wero Europe European Banks Payments Mastercard Visa Payment Year

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-28 @ 14:02:00 (6 hours ago)

News Timezone: GMT +8:00

News Source URL: bangkokpost.com

Language: English

Article Length: 1496 words

Reading Time: 9 minutes read

Sentences: 49 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bangkok Post

News ID: 22758254

View Article Analysis

About Bangkok Post

Main Topics: EconomyBusiness

Official Website: bangkokpost.com

Update Frequency: 10 posts per day

Year Established: 1946

Headquarters: Thailand

News Last Updated: 13 hours ago

Coverage Areas: Thailand

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #66

Publisher Details

Frequently Asked Questions