EPI calls for public funding to support pan-European payments system • NFCW

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By Tom Phillips ^[2] • 18 November 2021 • Updated 18 November 2021 • nfcw.com ^[3]

The European Payments Initiative ^[4] (EPI) is seeking public funding to support its development of a unified payment system across Europe that would compete with US-based networks such as Visa and Mastercard, EPI chief executive Martina Weimert has said.

The EPI has the support of more than 30 European banks and acquirers — including BNP Paribas ^[5], CaixaBank ^[6], Crédit Agricole ^[7], Deutsche Bank ^[8], ING ^[9], Santander ^[10] and UniCredit ^[11] — and revealed in May that these and other shareholders had invested €30m in the initiative ^[12] as of that date, but that “several billions of euros will be needed” to complete the project.

Weimert called for public funding as part of the “massive investment” required to launch the network at a European Payments Institutions Federation event, according to a Reuters report ^[13].

“Retailers say they are not ready to pay for it, while banks and other EPI shareholders ‘can carry only so much’, Weimert said, without giving details on the investment needed,” Reuters says.

“Weimert

EPI calls for public funding to support pan-European payments system • NFCW

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