Martina Weimert, CEO of the European Payments Initiative (EPI), called for the development of alternatives to Visa and Mastercard in a February 9, 2026, interview with the Financial Times.
The EPI represents an alliance of 16 European banks and financial services companies. Weimert expressed concerns regarding Europe's high dependency on non-European payment solutions for cross-border transactions. The CEO emphasized that a sovereign, pan-European payment system is essential to ensure the region's strategic autonomy.
European Central Bank data shows that Visa and Mastercard currently process nearly two-thirds of all card transactions in the Eurozone. EU officials warned that this market share grants non-European entities significant leverage over the region. To address these concerns, the EPI has launched the digital wallet Wero as a direct alternative to the US-based payment giants.