Europe needs a payment system independent of Mastercard and Visa as reliance on foreign networks now exposes the continent to political and financial vulnerability. Every year, Europeans spend trillions of euros on card payments, yet almost none pass through a European-controlled infrastructure. This imbalance is no longer just a commercial matter. It has become a question of sovereignty, economic security, and strategic control.
Most card and online transactions in Europe currently run through Visa or Mastercard, both US-based companies dominating global payments. The European Union increasingly sees this dependence as a risk that cannot be ignored. The lesson became stark in 2022 when Russia’s invasion of Ukraine prompted Visa and Mastercard to halt Russian operations almost immediately, demonstrating how external actors can influence Europe’s financial activity without warning.
In response, European banks and payment companies have developed Wero, a digital wallet that bypasses traditional card networks. Wero relies on instant bank transfers, removing intermediaries, lowering transaction fees, and keeping sensitive payment data inside Europe. The system has already attracted tens of millions of users in Germany, France, and Belgium, and its adoption continues to grow rapidly.
Two main concerns drive this push for European payment independence: control and cost. The European Central Bank warns that depending on foreign systems leaves Europe exposed to political pressure or sudden disruptions. ECB President Christine Lagarde has emphasized that most digital payments in Europe currently route through US or Chinese networks, a structural weakness that undermines financial autonomy. Cost pressures reinforce the argument. Fees imposed by card networks have risen sharply in recent years, squeezing both businesses and consumers. Direct bank-to-bank payments, by contrast, can increase competition and reduce expenses, offering tangible benefits across the economy.
For EU leaders, the stakes extend beyond a single digital wallet. Payments are infrastructure, and infrastructure is power. The ability to manage money flows within Europe is a question of sovereignty and strategic resilience. Establishing a European-controlled system would not only reduce fees and improve efficiency but also fortify the continent against political shocks, economic coercion, and technological dependency.
Europe’s pursuit of payment independence is part of a broader effort to assert control over key infrastructure. If successful, it would mark a significant shift in global financial influence, signaling that Europe is ready to take ownership of the systems that underpin its economy and its citizens’ daily lives.
