Europe's Payments Rift Exposes a Deeper Divide The European Central Bank's push for a digital euro has encountered resistance from banks and financial firms, who fear it would erode their revenue streams.
This rift is more than just a minor bureaucratic hurdle – it highlights the deeper structural issues plaguing Europe's efforts to break free from US payment giants.
For years, European policymakers have been trying to reduce the continent's reliance on Visa and Mastercard, which handle nearly two thirds of card payments in the euro zone.