European Payments Initiative seeks funding to take on Visa and Mastercard

The European Payments Initiative, a bank-backed effort to build a rival to Mastercard and Visa in Europe, is appealing for outside funding to get the project off the ground.

Supported by 31 major Eurozone banks and one of Worldline and Nets, EPI seeks to build a European networking system, offering customer and merchant cards throughout Europe, digital wallets, and P2P payments.

Expected to enter the operations by 2022, the organization formed the EPI Brussels Time Company in July last year, showing clear examples that include quality completion and operation.

Speaking at an event organized by the European Payments Institutions Federation, EPI chief Martina Weimar said, “Government funding will be good … Don’t hide – it will have a lot of money” It’s expensive. “

Weimar told Reuters that investors were reluctant to support the new plan and that banks and other owners of such EPI “could take more”.

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