Autonomies

The European Union is pressing ahead with plans to build a homegrown payment system, reducing reliance on US-dominated card networks like Visa and Mastercard. The initiative, promoted by the Council of the EU, aims to give Europe strategic autonomy over financial infrastructure, ensure cheaper transactions within the bloc, and protect against geopolitical shocks. The push has drawn wide attention and debate about cost, practicality and whether a European scheme can win over consumers and merchants.