Europe's Breakup with Visa and Mastercard: A New Era for Payments The European Union has been working on a plan to reduce its dependence on Visa and Mastercard, two of the world's most dominant payment systems.
The motivations behind this move are complex but at their core lies a desire to increase competition in the payments market, enhance consumer protection, and promote innovation in fintech.
Understanding the EU's Plan The EU's plan is driven by concerns over the concentration of power among a handful of large payment processors.