Visa, Mastercard, and PayPal dominate the cashless payments landscape in the EU and the European Central Bank warns about the region's reliance on US payment giants. But what alternative does Europe have?
The digital euro project is the only project that has a proper chance of succeeding here because it would be forced on every country using euro. All the other solution usually end at the border of the country of origin or because it is inconvenient for the users so swich to a new solution that has no benefits over paying with Visa or Mastercard. Here is a great video about it: https://youtu.be/1Al3ZIFUQ5U
The digital euro project is the only project that has a proper chance of succeeding here because it would be forced on every country using euro. All the other solution usually end at the border of the country of origin or because it is inconvenient for the users so swich to a new solution that has no benefits over paying with Visa or Mastercard. Here is a great video about it: https://youtu.be/1Al3ZIFUQ5U
And here’s the official spiel from the central bank.