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[SITUATION] · [QUIET] · [BUSINESS]

2 clusters · 2 sources · 10 days · First seen · Last updated

European payment system evolution and autonomy

Overview

Mastercard has announced plans to phase out manual card entry for online purchases in Europe by 2030, moving toward tokenization and services like ‘Click to Pay’ to enhance security. This transition involves replacing 16-digit card numbers with digital tokens and shifting authentication from SMS codes to biometric passkeys.

Concurrently, the European Union is working to reduce strategic dependence on American payment processors such as Visa and Mastercard. Because these companies control nearly 90% of the cross-border card market within the EU, the European Central Bank is supporting domestic alternatives. Initiatives include the development of the digital euro and the pan-European payment system Wero to increase continental market resilience and autonomy.

Entities

Mastercard · Visa · ČSOB · Wero · Slovakia

Timeline

  1. 19 days ago

    [BUSINESS] 2 sources
    European Union seeks to reduce dependence on US payment giants

    The EU aims to decrease reliance on US-based Visa and Mastercard by developing European alternatives like the Wero payment system and a digital euro to bolster monetary autonomy.

  2. 29 days ago

    [BUSINESS] 10 sources
    Mastercard to phase out manual card entry in Europe by 2030

    Mastercard is working to eliminate manual card data entry for European online shopping by 2030 through tokenization and the ‘Click to Pay’ service, with implementation already reaching Slovakia.

Sources

telepolis.pl · wykop.pl