EU fears that Visa and Mastercard could become lever of pressure on bloc in event of deterioration in relations with US

The European Union has called for intensifying steps to reduce dependence on American payment services Visa and Mastercard, which account for almost two-thirds of all transactions in the eurozone.

According to the Financial Times (FT), Martina Weimert, CEO of the European Payment Initiative, stated this.

According to her, if relations between the US and the European Union deteriorate, Visa and Mastercard payment services can be used by Washington as one of the levers of pressure on the bloc.

FT writes that, according to the European Central Bank, in 2022, Visa and Mastercard accounted for two-thirds of all card payments in the euro area. At the same time, 13 EU countries have no alternatives to the above systems. In countries where they do, their use is declining.

In 2024, a consortium of 16 leading European banks launched the Wero app, which is supposed to become an alternative to American payment services. Currently, Wero is used by about 48.5 million users in France, Germany, and Belgium. In the near future, it is planned to expand Wero's functionality by adding the ability to pay in online and offline stores.

The publication also notes that the European Central Bank is actively promoting the idea of the digital euro, but there is no unanimity in the EU countries on this issue. Some banks believe that the digital euro, which is scheduled to be launched in 2029, will undermine the private sector.

Weimert believes that the EU may be late in launching the digital euro if transatlantic relations continue to deteriorate.

"The problem with the digital euro is it will come in a couple of years, maybe after the mandate of [US President] Donald Trump. So I think we are a little bit out of time," Weimert said.

As the Ukrainian News agency earlier reported, on January 28, Energy and Housing Commissioner of the European Union Dan Jorgensen said, that the European Union is looking for alternative sources of liquefied natural gas to replace supplies from the United States.