Five European payment groups—including Spain’s Bizum, Italy’s Bancomat, and Brussels-based Wero—are joining forces to create a cross-border payments network aimed at reducing Europe’s dependence on Visa and Mastercard.
The companies will establish the European Network for Payments (ENP), a new joint venture based in Madrid that will connect national payment systems across Europe. According to the announcement, the founders—Bancomat, Bizum, EPI Company/Wero, SIBS-MB WAY, and Vipps MobilePay—collectively serve around 130 million users across 13 European countries, covering more than 70% of the EU and Norway population.
The initiative reflects a broader European policy focus on payments sovereignty. European policymakers have made this a priority as global fragmentation raises concerns over access to critical payments systems. The new network will connect existing payment systems through a common technical and operational layer based on European standards, utilizing instant account-to-account payment technology.
According to Martina Weimert, CEO of the European Payments Initiative, fragmentation has long been the “biggest hurdle” for European payment schemes. The new venture aims to address this by building infrastructure that connects systems Europeans already use rather than replacing them entirely.
The phased rollout will begin with cross-border person-to-person payments, followed by e-commerce and point-of-sale transactions. ENP has already selected a new CEO and is planning to recruit staff, according to Fernando Rodriguez, deputy general manager for international expansion at Bizum. Shareholders will need to absorb operating costs in the early years as the company builds scale to generate its own fees.
In Ireland, consumers have access to Zippay, which enables instant payments using only a mobile phone number between different banks. Other European payment schemes may join the network in the future, the companies said.
The project could eventually be complemented by the European Central Bank’s plans for a digital euro by 2029—essentially an online wallet guaranteed by the ECB but operated by private companies including banks.
However, success will depend on several factors, according to Marcel Hörauf, a partner at law firm Mayer Brown. He noted that meaningful EU payment sovereignty depends on how Europe’s payment regulations develop, merchant acceptance, and political support from EU member states.
Key facts
- Five major European payment systems are forming a cross-border network to reduce dependence on Visa and Mastercard
- The European Network for Payments will be based in Madrid and serve 130 million users across 13 countries
- The network will connect existing systems through a common technical layer based on European standards and instant account-to-account payments
- Rollout will begin with person-to-person payments, followed by e-commerce and point-of-sale transactions
- The ECB’s planned digital euro by 2029 could eventually complement the project