Europe wants to be free of PayPal and Visa, eyes digital euro
Europe is accelerating work on a digital euro to reduce dependence on U.S. payment giants and strengthen control over its financial system. Currently, much of Europe’s payment infrastructure relies on companies like Visa, Mastercard, and PayPal, raising concerns about external influence and vulnerability to geopolitical decisions.
EU institutions are pushing forward legislation, while the European Central Bank is advancing technical preparations. Pilot testing could begin in 2027, with real-world use expected around 2029. The digital euro would complement existing payment methods and be accessible via banking apps, functioning both online and offline, with strong privacy protections.
As a central bank-issued currency, it would differ from commercial bank money, though banks would still serve customers. While it could lower transaction costs for retailers, banks warn of deposit outflows and high implementation costs. Ultimately, the digital euro is seen as a strategic tool to enhance Europe’s financial sovereignty and global competitiveness.
(pb.pl)
