Pan-European payments system to be ready in 2022

A group of 16 Eurozone banks said on Thursday a “truly European” unified payments system is expected to be up and running in 2022, Reuters reported. European policymakers have long sought a “home grown” rival to take on Mastercard and Visa.

“The solution aims to become a new standard means of payment for European consumers and merchants in all types of transactions including in-store, online, cash withdrawal and ‘peer-to-peer’ in addition to existing international payment scheme solutions,” the banks said in a joint statement.

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