Thierry Laborde, deputy chief operating officer at French bank BNP Paribas, which is part of the payments project, said it was “aimed at strengthening Europe, at making it more independent and robust”. More From Our Partners Connecticut man dies after crashing Harley into live bearnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Anna Menin whatsapp The so-called European Payments Initiative (EPI) aims to become a new standard means of payment, offering a card for consumers and retailers across Europe, the 16 participating banks said in a statement. Some 16 banks from across the EU have said that they expect to have a “truly European” payments system up and running in 2022, to help digitise a region in which half of all retail payments are made in cash. In coming weeks the project will set up an interim company in Brussels, with other payment service providers invited to join, the lenders said. (AFP via Getty Images) Also Read: EU banks take on Visa and Mastercard with ‘truly European’ payments system (AFP via Getty Images) Also Read: EU banks take on Visa and Mastercard with ‘truly European’ payments system Banks that have already signed up include BNP Paribas, Commerzbank, Deutsche Bank, Santander, ING, UniCredit and Societe Generale. “EPI’s objective is to offer a digital payment solution that can be used anywhere in Europe and to supersede the fragmented landscape that currently still exists,” the banks said. EU banks take on Visa and Mastercard with ‘truly European’ payments system The European Central Bank (ECB) welcomed the lenders’ decision to launch the unified European payment system. Tags: FinTech The statement added that the Covid-19 crisis — which has seen usage of cash plummet in favour of contactless payments — “has underlined the need for a unified European digital payment solution”. whatsapp Show Comments ▼ The central bank said last year that dependence on non-European players for two-thirds of non-cash payments created a risk that the payments market would not be fit to support the EU single market and euro. The ECB has consistently advocated for an industry-driven solution to compete with non-EU payments giants. (AFP via Getty Images) Share “We will do it collectively, by pooling our resources. As for distribution systems, prices will differ from one bank to another, but the infrastructure will be pan-European,” he said. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeAll Things Auto | Search AdsNew Acura’s Finally On SaleAll Things Auto | Search AdsUndoBetterBe20 Stunning Female AthletesBetterBeUndoAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorUndoNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsUndoMisterStoryWoman files for divorce after seeing this photoMisterStoryUndoMagellan TimesJada Pinkett Smith Opened Up About Her Son Saying The Words No Mom Wants To HearMagellan TimesUndoBill CruncherArizona Drivers With No DUI’s Getting A Pay Day This Month (Check If You Qualify)Bill CruncherUndoBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerUndoDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndo Thursday 2 July 2020 3:35 pm European Union policymakers and central bankers have long sought to develop a home grown rival to take on US titans Mastercard and Visa, as well as tech giants like Alipay and Google. It will cover all types of transactions including in-store, online, cash withdrawal and ‘peer-to-peer’ in addition to existing international payment scheme solutions.