In Europe it will be a competitor of Visa and Mastercard

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The payment system will create five countries.

After two years in Europe will be a new payment system that will compete with the American Visa and Mastercard, reports the Chronicle.info with reference to finance.ua.

It will be launched by 16 major banks from five European countries. In the agreement establishing the European payment system took part of the credit institution the following countries:

  • Belgium;
  • France;
  • Germany;
  • Spain;
  • The Netherlands.

Among these institutions, according to Reuters, appear UniCredit, Societe Generale, Commerzbank, Deutsche Bank and others. In the agreement it is stated that the European payment system will become the new standard for European consumers and merchants for all transaction types. The European Central Bank this decision banks were welcomed.

The parties to the agreement also encourage other financial institutions and organizations that provide services for payment to join their initiative until the end of the year. Moreover, it is not only about creating a rival us payment systems, but also on the need to fully digitize the region where half of all retail payments still made in cash.