 | July 11, 2020 |
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| Mastercard and Visa may be challenged by a new European payment system. |
As many as 20 major EU banks, including Deutsche Bank and Santander, are set to announce details for a new payments initiative in the very near future.
The system, referred to as the Pan European Payment System Initiative (PEPSI), will process card payments in addition to making fund transfers and mobile payments without using Mastercard's or Visa's network.
PEPSI could help banks capture more revenue from payments, especially considering interchange fee regulations have hindered their performances but not card networks'.
Business Insider Intelligence's Daniel Keyes has the full story. |
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