EU Pushes Digital Euro for 2029 Launch as Visa and Mastercard Handle 61% of Euro-Area Card Payments
Updated
Updated · Euronews · Aug 13
EU Pushes Digital Euro for 2029 Launch as Visa and Mastercard Handle 61% of Euro-Area Card Payments
2 articles · Updated · Euronews · Aug 13
Summary
Final talks between the European Parliament and member states are under way on the digital euro, with the ECB targeting a 2027 pilot and retail rollout from 2029.
61% of euro-area card payments — and almost all cross-border card transactions — run through Visa and Mastercard, a dependence EU officials say exposes Europe to political disruption, data outflows and rising fees.
The ECB says the digital euro would complement cash and bank services, support online and offline payments, and lower merchant costs by using European-controlled infrastructure.
Private efforts are moving in parallel: EuroPA and EPI have agreed to link instant-payment systems across 15 countries, potentially reaching 380 million users without changing apps.
The push fits a wider sovereignty race as the UK builds account-to-account alternatives to US card networks and Brazil's PIX already accounts for 54% of transactions.
As the digital euro nears its 2027 pilot, could hidden infrastructure costs secretly force banks to pass the bill to consumers?
Will Europe's multi-billion euro gamble to dethrone Visa and Mastercard succeed, or will it trigger a massive financial failure?
Could Europe's quest for payment sovereignty inadvertently expose its citizens to unprecedented data surveillance under the guise of financial security?