Europe's $24 Trillion Breakup With Visa and Mastercard Has Begun: What This Means for Cross Border Payments The European Union has launched a new payment system aimed at reducing the dominance of international card giants like Visa and Mastercard.
The move is part of the EU's broader effort to promote economic integration and increase financial inclusion across member states.
Understanding the Breakup: What Happened to Visa and Mastercard in Europe Concerns over excessive fees charged by international card networks have driven the EU's decision to create a new payment system.