Now that the US sees the EU as a potential enemy, Europe has moved to ensure its financial system can never be sanctioned or shut down; something the US has done to Russia, Cuba, and Iran.

By late 2025,efforts centered on the Digital Euro,a nonprofit payment system run by the EuropeanCentral Bank (like euro cash). Due by 2030, it would offer lower fees and quickly replace much Visa and Mastercard usage.

While still in development,other solutions arrived sooner. Instant bank-to-bank payments, bypassing cards, are expanding rapidly.

In February, 130 million users across 13 national systems were linked in a Europe-wide networkbaiming to cover all of Europe. Fees are a fraction of Visa/Mastercard, though unlike the Digital Euro, it’s not yet available as a debit card; only online and on phones.

The EU also wants to decouple from US software and is preparing its own alternative to Microsoft Office.

https://europeanbusinessmagazine.com/business/europes-24-trillion-breakup-with-visa-and-mastercard-has-begun/

https://tech.eu/2026/03/27/europe-builds-microsoft-compatible-euro-office-to-reclaim-digital-sovereignty/

  • A_norny_mousse@piefed.zipEnglish
    0·
    20 days ago

    Thanks for the summary. I believe some of the processes have been ongoing for a long while.

    But the real breakthrough came on 2 February, when EPI signed a memorandum of understanding with the EuroPA Alliance — a coalition of national payment systems including Italy’s Bancomat, Spain’s Bizum, Portugal’s MB WAY and the Nordics’ Vipps MobilePay. The deal instantly connects approximately 130 million users across 13 countries, covering roughly 72% of the EU and Norway population. Cross-border peer-to-peer payments launch this year, with e-commerce and point-of-sale payments following in 2027.

    Of course this won’t be easy, Wero might not be the perfect solution either etc. etc.
    But it’s good to hear that accelaration is happening.

    Same for the European online Office suite.

    PS: TIL that Alipay is a thing in EU 😲

    • stumu415@lemmy.zipOPEnglish
      0·
      20 days ago

      AliPay works only for Chinese citizens overseas. I use AliPay happily in China, but it will not work overseas as I’m a foreigner. Luckily most ATM now accept unionpay which is the Chinese card standard.