EU Banks Disrupt Visa, Mastercard

This is a France news story, published by Luxtimes, that relates primarily to Visa news.

France news

For more France news, you can click here:

more France news

banking & finance news

For more banking & finance news, you can click here:

more banking & finance news

Luxtimes news

For more news from Luxtimes, you can click here:

more news from Luxtimes

About the Otherweb

Otherweb, Inc is a public benefit corporation, dedicated to improving the quality of news people consume. We are non-partisan, junk-free, and ad-free. We use artificial intelligence (AI) to remove junk from your news feed, and allow you to select the best business news, entertainment news, world news, and much more. If you like banking & finance news, you might also like this article about

European payments landscape

. We are dedicated to bringing you the highest-quality news, junk-free and ad-free, about your favorite topics. Please come every day to read the latest major US banks news, European Central Bank news, banking & finance news, and other high-quality news about any topic that interests you. We are working hard to create the best news aggregator on the web, and to put you in control of your news feed - whether you choose to read the latest news through our website, our news app, or our daily newsletter - all free!

European Payments Initiative

Luxtimes

•

Europe’s banks launch Wero payments to dislodge Visa, Mastercard

Summary

Nutrition label

74% Informative

European banks have spent years quietly creating a new way to pay that could finally allow customers to ditch their Visa Inc. and Mastercard Inc. cards.

The platform will eventually allow a German customer to instantly settle up with, say, a hotel in France using their own bank account instead of a Visa or Mastercard .

Wero, as the project is known, is now rolling out across much of western Europe .

Payments revenues grew at an annual rate of 8.3% from 2017 to 2022 , taking the revenue pool to $1.6 trillion .

Visa and Mastercard processed $14.8 trillion and about $9 trillion respectively last year .

Seven major US banks including JPMorgan Chase & Co. have coalesced around Zelle , a system that offers speedier transactions between accounts.

VR Score

Informative language

Neutral language

Article tone

semi-formal

Language

English

Language complexity