Payment companies across Europe have teamed up on something new called the European Network for Payments, or ENP. The idea is to get rival networks working together and build shared infrastructure for the EU. If it works, Europe would depend a lot less on Visa and Mastercard.
If it succeeds, the ENP could lessen Europe’s dependence on US payment networks at a time when relations between Washington and European capitals are growing more strained.
The original ENP initiative was launched in 2023, though European sovereignty has since become a much more pressing concern. The network was founded by Bizum (Spain), Bancomat (Italy), the European digital wallet Wero, SIBS-MB WAY and Vipps MobilePay.
Together, the networks already cover 70% of the population in Europe and Norway and serve 130 million users in 13 European countries.
The ENP will not build a new network from scratch. It plans to deepen ties between payment networks already in operation. The Madrid-based organization’s first job is to link those networks properly, using shared technical and operational infrastructure built on European standards.
ENP’s deployment plan describes a phased rollout of the common infrastructure, starting with cross-border and in-person payments. The network is expected to expand later to cover e-commerce, other online payments, point-of-sale transactions in stores, and virtually all other payment types.
Supporters of ENP said the organization expects to add more members in the future, which would extend the network’s coverage of European payment needs. At first, ENP expects to bear the network’s operating costs, so the core infrastructure can be built before the organization starts collecting its own fees.
European Payments Initiative CEO Martina Weimert said fragmentation has long been an obstacle to building a common payment platform in Europe. ENP offers a cooperative approach and has asked other EU-based payment organizations to take part.
The European Central Bank is also developing its own common payment tool, the digital euro. In a few years, the bank-controlled euro wallet may complement ENP as a payment platform.
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