Europe's Banks are launching new product to break the Visa/Mastercard dominance [Yahoo! Finance]
Mastercard Incorporated (MA)
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Source: Yahoo! Finance
a new payment system that aims to give customers the option to abandon their Visa (NYSE:V) and Mastercard (NYSE:MA) cards, Bloombers News reported on Friday. Known as Wero, this initiative is currently being rolled out across much of Western Europe, supported by 16 major banks and payment processors, including BNP Paribas (OTC:BNPQY) SA, Deutsche Bank AG (NYSE:DB), and Worldline SA, the report added. This platform will allow, for example, a German customer to make payments directly from their bank account to a hotel in France, bypassing the traditional card networks. While this may seem straightforward, successfully implementing Wero could result in losses for Visa and Mastercard, potentially costing them billions in fees from European merchants every time a consumer uses their cards. More importantly, this development reflects Europe's growing concern over its dependence on U.S. financial infrastructure. The anxiety increased following Russia's invasion of Ukraine when Visa
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- Driving growth in the digital economy [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- EU banks create Wero payments to reduce reliance on Visa, Mastercard - report [Seeking Alpha]Seeking Alpha
- Best UK Prepaid Cards 2024 [Forbes]Forbes
- Is Visa a Buy Now? [Yahoo! Finance]Yahoo! Finance
- Mastercard and ZOOD partner to launch the first virtual Buy Now Pay Later Card in Uzbekistan [Yahoo! Finance]Yahoo! Finance
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- 9/20/24 - Form 144
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