Mastercard launches Fintech Express in Europe

A planned pan-European payments network backed by 22 banks is to compete with U.S. Mastercard and Visa appealed for public money, saying its private backers were not prepared to stump up all the cash needed.

#EuropeanPayment #US #Mastercard

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In our “All About Payments” Series, Marek Buenting, Director of Business Development at PaymentGenes talks about the latest Payments News.

Transcript: Are we seeing a direct attack by EU banks on Visa and Mastercard, but more interestingly an attack on Big Techs, active in Financial Services?

This week we are going to talk about 16 EU banks who are set to launch a unified European payment system by 2022. This would directly compete with the likes of Mastercard, Visa as well as BigTech companies active in financial services.
This so-called “European Payments Initiative” backed by the European Central Bank aims to become the new standard of payments, offering a card for consumers and retailers across Europe.

The initiative will cover all types of transactions including in-store, online, cash withdrawals, and p2p payments.

A pretty ambitious move if you ask me… Here’s our breakdown so far:

Politics:
This move intends to take on Schemes and BigTechs. The current “Giant” Schemes and BigTechs in payments essentially either come from the United States or China, naturally leading to non-European players being dependant on them.

Thierry Laborde, Deputy Chief Operating Officer at BNP Paribas said “It is aimed at strengthening Europe, making it more independent and robust,”
Moreover, the ECB has been “advocating for years for an industry-driven solution to compete with the likes of Visa and Mastercard.”
European Payment Independence seems to be the goal here. The recent Politicalisation and full digitalisation of payments further accelerated by the Corona virus, restarted the desire to independence with the EPI.

European Payments Market:Why does the EU not have its own giants and rely on non-european players? Because the United States and China have the scale to be a giant. Europe does not and from a payment perspective; is not united.

It is extremely fragmented, with every market having their own preferred payment methods. The only way to compete with schemes or platforms like Facebook and Alibaba, is through scale.

So then, the European Payment Initiative is actually amazing and the solution to our “independence” seems to have been figured out, right?

Not exactly. The European banks are planning to create this collectively, through pooling resources. However from a distribution perspective, prices will differ from one bank to another.We expect that this seemingly insignificant factor, will not “unite” and therefore not compete with the Schemes and BigTechs active in the European Financial Services market.

Next week we’ll continue with this story and cover those who are being “attacked” – the schemes and BigTechs  

About PaymentGenes:
PaymentGenes empowers business growth by helping companies in the industry achieve their growth goals by focusing on the first two growth pillars: People and Strategy.

By Providing Payments Recruitment, Executive Search, Consultancy & Marketing Media Services with region specialists offering services in Canada, USA, Benelux, UK, France, DACH, APAC & other regions Globally.

�� https://paymentgenes.com/
��‍�� www.linkedin.com/company/paymentgenes/

Connect with Marek Buenting to talk about Payments:https://www.linkedin.com/in/marek-buenting-4a01a528/

Jason Lane, EVP, Market Development Europe, Mastercard, speaks at Money20/20 Europe about their role in the changing fintech landscape, the launch of Accelerate and what some of the features are, which brand partners can expect to benefit from.

For all your fintech-related news, please visit https://www.finextra.com.

Mastercard has launched its Fintech Express programme for startups in Asia Pacific to provide immediate access to a cross-functional team of experts to support multiple work streams. They have taken Fintech-as-a-Service provider Rapyd onboard as its first partner in the programme. Mastercard’s accelerate programme also includes Mastercard Engage, Mastercard StartPath and Mastercard Developers. #sutathu,#mastercard,#fintechexpress,#startup