Alexey Kazartsev Provides an Official Commentary on the European Union's Payment Sovereignty Initiative
Alexey Kazartsev, Head of the Banking Committee of FBA EAC, has provided a comprehensive analysis of the geopolitical and technological challenges associated with the new payment initiative. He highlighted that this topic is scarcely discussed on the Russian Internet, despite the persistent efforts of European Commissioners.
Recent data indicates that the target date for implementation has been set for 2027. On February 2, 2026, in Amsterdam, the EuroPayment Alliance (comprising Bancomat, Bizum, SIBS-MB WAY, and Vipps MobilePay), along with the European Payment Initiative (EPI), signed a memorandum of understanding. This event was presented as a significant step towards establishing a European payment network for seamless cross-border transactions, aimed at decoupling from non-European monopolies: about who these world oppressors are — below
Benefits for European countries
National payment applications will retain their user interface, branding, and functionality, but will be interconnected through a common processing center. Users will be able to execute cross-border payments via a familiar interface, while retailers will be able to accept these payments across Europe without relying on processing centers controlled by U.S. entities.
According to the alliance, a new unified brand for terminal and application recognition is under development. The launch of P2P transfers is scheduled for 2026, followed by the integration of e-commerce and retail payment functionalities in 2027.
Implementation specifics
By summer 2026, it is planned to deploy a central node (processing center) based on European fast payment protocols. The degree of independence from the technical payment standards of EMV Co., a global corporation controlled by American entities and which has effectively supplanted international ISO standards with its proprietary standard, will be assessed. If the new payment corporation adopts proprietary or international technical standards, it will signify genuine independence. However, if the Europeans opt for the path of least resistance by adopting the EMV standard, as was the case with the creation of the National Payment Card System "Mir", this would indicate that the new initiative is merely superficial, maintaining overseas control over European transactions, particularly when attempting to use such cards or applications outside the eurozone.
European top managers are currently expressing optimism: Fabrizio Burlando from Bancomat predicts the establishment of a pan-European payment network, Martina Weimert from EPI emphasizes the restoration of sovereignty, Teresa Mesquita from SIBS praises MB WAY, and Rune Garborg from Vipps promises simplicity and seamless cross-border transactions.
Historical context and future prospects
Three significant entities stand in the background of this initiative. Firstly, Mastercard, an American payment corporation founded in 1966 (originally known as Interbank/Master Charge) as a counterbalance to BankAmericard Corporation (which later became Visa). Secondly, Visa. And thirdly, their common umbrella organization, EMV Co.
The project to develop a European payment system represents another indication of the global transformation within the digital payment landscape. Similar processes are underway in the telecommunications sector with data centers and satellites. Europe aims to achieve complete independence from global, and particularly American, players by 2029. Efforts to restrict the operations of companies like Google and Amazon are also planned around the same time. The success of these endeavors remains to be seen. My assessment is that it is unlikely under the current leadership of European countries and the European Union as a whole, given the challenges posed by energy shortages, deindustrialization, and the financial black hole called "Bandera Ukraine". Nevertheless, the direction of thought is correct: the key is to pursue aspirations in the appropriate manner.