The EU says it will introduce a digital payments infrastructure to replace Visa/Mastercard & Apple/Google Pay. It will have zero fees and be 100% European-only.

by LoneSwimmer

18 comments

  1. Ooh, that’s a great move from the ecb. That’s the kind of shit the EU should be doing.

  3. Hopefully Irish government isn’t involved in developing it. Will never be done 

  4. It’s a good idea to get away from these American payment processors since they seem to be quite trigger happy of interference. However, who knows how long this will take.

  5. Dear EU, 

    Please just stop solely relying on google services API, make a payment system outside of this monopolistic ecosystem.
    Oh wait, this is another digital monopoly game now with digital ID..

    Nevermind. 

  6. Some countries already have this, they should just expand one of them to save time/ money. BLIK works pretty flawlessly for online and at card terminals.

  7. Excellent. There is prior art for this (see India) which, if used well, should mean it doesn’t take a slow moving bureaucracy decades to implement. A great move though and really the kind of thing I think the EU should lean into.

    Edit: spelling

  8. I think the Digital Euro will be good and glad it’s being perused but this bit is nonsense. Your phone doesn’t cost merchants more.

    > An official in the ECB in Frankfurt once told me that whenever he pays in a restaurant or shop, he uses a bank card. Not his phone.
    >
    >“I don’t know if you’ve noticed,” he says, “but some hotels really want you to use a physical card. Because, for the merchant, phones are far more expensive. Apple and Google charge quite a bit. So I’m more mindful now, even going into a restaurant, since I know this for professional reasons, that using your phone is just a ‘thank you’ to Apple or Google.”

  9. Francesca Albanese is a perfect reason why this needs to happen. She can’t book a hotel, buy anything on the web or even hire a car as the US have sanctions on her.

  11. It’s times like these you get reminded how good the EU can be when its focus is making lives better instead of pandering to big business.

  12. *”It will have zero fees.”*

    Tell that to takeaways.

  13. Surely will have to be based on cryptocurrency network to achieve that? Might have somthing to do with the competition they had a year or two back

  15. The EU has been making so many moves that total as always have the option to be absolute surveillance of the EU population.

    Data acts, exclusive EU payment system, chat monitoring, cross nation data requests on individuals etc etc.

    Used unethically and for greed (yeah I’m looking at you EU) we’d just be under a watchdog

  17. Zero fees until … everyone uses it and then a tax will be added

    ![gif](giphy|T3nwQFJq5lxFii50fR)

  18. Good. Having American payment processors at the whims of fundamentalist puritans and headcases like the US government is not a good thing.

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