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16 european banks will combine to a new payment system unified by 2022

This new payment solution will be based on the technology of instant transactions, indicate the participating institutions. Sixteen european banks announced on

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16 european banks will combine to a new payment system unified by 2022

This new payment solution will be based on the technology of instant transactions, indicate the participating institutions.

Sixteen european banks announced on Thursday the launch by 2022 with a new payment solution, pan-european, unified, based on the technology of instant transactions, in particular with a view to offer an alternative to the giants of the sector such as Visa and Mastercard.

"today, a group of 16 major european banks from five countries (Germany, Belgium, Spain, France and the netherlands) has opened the way for the future launch of the PPE initiative, the european payments," write these institutions, among which are the six main French banks.

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Their objective ? "Create a payment solution to pan-european unified based on instant payments (...), offering a credit card for consumers and merchants across Europe, a digital portfolio and solutions' of payment between private individuals (P2P) usable everywhere in Europe, details the actors of this project.

"the New standard of payment"

by doing This, "the solution aims to become a new standard of payment for consumers and the european traders for all types of transactions, including in-store, online, for cash withdrawals, and P2P in addition to the solutions of the patterns of international payment", is it explained.

"The big innovation is that it will enable to set someone anywhere in Europe, seven days a week, instantaneously with, for example, the mobile phone number of the recipient," explains ?Thierry Laborde, deputy director-general of the BNP?Paribas.

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With an estimated cost of several billion euros, this new device aims big : at least 60% of electronic payments in Europe term. In detail, the implementation phase will begin in the coming weeks via the creation of a society acting in Brussels, in charge of launching the work of implementation "to achieve the best user experience possible", with a view to entry into operational phase in 2022.

"Support" for the european public institutions

This new device "will be a support to the public institutions the european and national authorities. Solutions, digital payment existing in Europe are fragmented and the european citizens are not yet able to pay digitally everywhere," argue the 16 banks, inviting other payment service providers to join the initiative.

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"furthermore, the crisis of the Covid-19 stressed the need for a european solution unified digital payment. Also, EPI is intended to converge to the eu ecosystem payments to banks, merchants and acquirers/providers of payment services, thus contributing to the strengthening of the single market and the european digital agenda", put forward the partner institutions.

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