Huan Qiu Shi Bao·2025-04-22 22:35Core Insights - The European Union is seeking to reduce its reliance on American payment systems like Visa, Mastercard, and PayPal due to geopolitical tensions and trade wars [1][2] Group 1: Market Dependence - The European Central Bank (ECB) warns that the dominance of American payment providers poses risks to Europe, with over 60% of card payments in the Eurozone processed through Visa and Mastercard [2] - Thirteen EU member states rely almost entirely on Visa and Mastercard for card payments, highlighting the vulnerability of the European payment system to external shocks [2] - Even in countries like Germany, where local systems like Girocard exist, the influence of American companies remains significant, as services like PayPal and Apple Pay still depend on Visa and Mastercard [2] Group 2: Initiatives for Independence - In response to the risks posed by American payment providers, the ECB is working on developing a digital euro, although it may take several years to implement [3] - The European Payment Initiative aims to create a new payment system called "Wero," which is expected to facilitate user-to-user payments and online transactions, with a potential launch in late 2025 [3] - Partnerships have been established with banks in Germany, Belgium, France, and the Netherlands to support the development of "Wero," and EU regulations may require merchants to offer at least one European payment option [3] Group 3: Challenges and Opportunities - The main challenge lies in creating a competitive payment system that consumers are willing to adopt, as previous attempts like Giropay have failed [4] - Retailers are increasingly dissatisfied with the high fees charged by Visa and Mastercard, which may create an opportunity for a more cost-effective alternative payment system [4] - If the financial industry can develop a cheaper and lower-cost system, it could significantly disrupt the current market dynamics dominated by American providers [4]