Europe's Bold Move to Break Visa and Mastercard's Grip

Jessica Albright · 2026-10-01

Imagine paying for your morning coffee in Madrid using Spain's Bizum app, and the shop's payment terminal in Lisbon accepts it as easily as if you were using Portugal's MB WAY. That's the vision behind the European Network for Payments (ENP), a new initiative that could reshape how money moves across Europe. ### What Exactly Is the ENP? The ENP is a coalition of European payment providers aiming to connect national payment systems into one seamless network. The goal? To create a common technical and operational layer that lets these systems talk to each other, especially for instant account-to-account payments. The venture is backed by heavy hitters like the Wero digital wallet, Italy's Bancomat, and Vipps MobilePay from the Nordic countries. Together, these providers serve about 130 million customers across 13 countries, covering more than 70% of the EU. That's a massive user base right out of the gate. ### Why Europe Wants Its Own Payment Rails Here's the thing: U.S.-based payment rails like Visa and Mastercard process over 60% of card transactions in Europe. And 13 of the 21 eurozone member states rely exclusively on international card schemes. That's a lot of dependence on foreign infrastructure. The ENP is part of a broader European effort to reduce that reliance. It's not just about saving money on fees—it's about control, sovereignty, and building a system that fits European needs. But it won't be easy. As Brian Riley, Co-Head of Payments at Javelin Strategy & Research, put it: "Europeans have been chasing the thought of their own payment network since the first Payment Services Directive in 2007. The objective is to create a network similar to Mastercard and Visa, but that is easier said than done." He added, "Sure, political boundaries are now unified, but as the European Central Bank knows, harmonizing financial institutions is awkward at best. Consumer and merchant behaviors also differ." ### The Road Ahead: Slow but Steady The ENP didn't appear overnight. It grew out of a memorandum of understanding signed in February 2026, when participants announced plans to create a shared, interoperable entity. But the groundwork has been laid for years. Back in March 2025, Bizum connected with Bancomat and MB WAY, enabling mobile transfers among more than 50 million people across Spain, Italy, Portugal, and Andorra. That was a big step toward interoperability. The rollout will likely start with cross-border peer-to-peer payments, then move to e-commerce and point-of-sale transactions. No target dates have been announced yet, and expanding interoperability across multiple national systems could take time. Riley predicts: "There is likely a decade before something is viable in the EU market. And by then, as payments constantly reinvent themselves, who can imagine what payments will look like." ### What This Means for You If you're a business owner, especially one that operates across European borders, this could eventually mean lower transaction fees and more payment options. For consumers, it could mean faster, cheaper transfers and the ability to use your favorite local app anywhere in Europe. But don't hold your breath. This is a long game. The ENP faces technical hurdles, regulatory complexities, and the challenge of changing deeply ingrained consumer habits. Still, it's a sign that Europe is serious about building its own financial infrastructure. For now, keep an eye on how this develops. If it succeeds, it could be the biggest shake-up in European payments since the euro.