Development of New Payment System in EU

According to AFP agency, about 20 European banks are jointly developing a pan-European payment system that will be an alternative to Visa and Mastercard.

This development is called PEPSI (Pan-European Payment System Initiative) and according to sources, it will manage all types of dematerialized payments.

An AFP source in the banking sector of France told that the European Central Bank (ECB) considers the sovereignty of payments in Europe. Moreover, Carlo Bovero, Global head of cards for BNP Paribas Group, on Tuesday, November 5, at a conference organized by the Revue Banque mentioned about such a development.

The AFP agency notes that no financial institution has officially confirmed its participation in the development of PEPSI payment system. At the same time, AFP source informed that the majority of French banks, as well as Deutsche Bank will be involved in the development of the system.