OREANDA-NEWS. At least 20 European banks are jointly developing a pan-European payment system that will replace American ones, including Visa and Mastercard. This was written by AFP with reference to sources in the industry. This development is called PEPSI (Pan-European Payment System Initiative). According to sources, with its help it will be possible to manage all types of dematerialized payments.

A media source in the banking sector of France told the agency that this idea originated in 2017. Then, according to him, the European Central Bank (ECB) wondered about the sovereignty of payments in Europe. Carlo Bovero, head of the plastic cards department at BNP Paribas, on Tuesday, November 5, at a conference organized by Revue Banque, mentioned such a development, the media reports.

The agency notes that not a single financial institution has confirmed its participation in the creation of such a payment system. At the same time, sources told AFP that most French banks, as well as the German Deutsche Bank, would be included in the work.