economy
February 11, 2026
EU needs to wean itself off Visa and Mastercard
The head of an EU bank consortium has urged the bloc to reduce its dependence on US payment systems Visa and Mastercard
TL;DR
- EU bank consortium head urges urgent reduction in dependence on US payment systems Visa and Mastercard.
- The EU is considered "highly dependent on international [payment] solutions" with no existing cross-border alternatives.
- US tech companies dominate key digital infrastructure and online services in the EU.
- France plans to phase out US videoconferencing services like Teams and Zoom.
- Germany aims to increase the use of European solutions and open-source software in government.
- The EU has previously fined US tech giants for violating antitrust laws and data regulations.
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