EU needs to wean itself off Visa and Mastercard – banking chief

The bloc must find alternatives to US payment systems as relations with Washington sour, Martina Weimert has urged

The EU needs to “urgently” reduce its dependence on US payment systems Visa and Mastercard, the head of the bloc’s leading bank consortium, Martina Weimert, has urged.

The dominance of US tech solutions and services has increasingly become a concern in the EU over the past year as tensions between Brussels and Washington have risen since President Donald Trump returned to office.

Weimert, chief executive of the European Payments Initiative (EPI), which is made up of 16 European banks and financial services companies, cautioned that…

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