Reducing Dependence on Global Giants
According to Carlo BOVERO, Global Head of Cards and Innovative Payment Solutions at BNP Paribas, Europe must accelerate the development of local solutions to reduce its dependence on global players, particularly Big Tech, large tech companies, and international payment schemes. "Payment sovereignty in Europe is not a war against non-European players, but a necessity to protect our strategic independence," he said.
He believes that, one of the main operational challenges is to strengthen the compatibility of European payment systems to offer a credible alternative to global platforms. This involves improving contactless payment technologies, securing digital transactions, and respect European data protection standard. "Today, Europe must invest massively to build a solid and innovative payment infrastructure" added Carlo BOVERO, underlining that this independence also relies on close collaboration between public and private sector players.
The European Payment Initiative (EPI) represents a concrete answer to these challenges. Martina WEIMERT, CEO of EPI, explained that the project aims to create a robust European alternative to current payment solutions, dominated by Visa, Mastercard, and Chinese platforms. "If we lose control of payments in front of Big Tech or international players, it will not only affect banks or merchants, but also European consumers" she announced.
EPI stands out with the development of Wero, a European digital wallet designed to offer an innovative, secure, and accessible payment solution for all. This project aims to strengthen European technological independence while ensuring a greater protection of personal data. Martina WEIMERT insisted on the importance of raising consumer awareness about the strategic implications of their payment choices, reminding that digital sovereignty also depends on the massive adoption of European solutions.

Innovating to Strengthen European Independence
To succeed in this transition, local innovation is essential. In Portugal, SIBS embodies this approach with the creation of MB WAY, a modern and complete payment app that allows users to make purchases, instant transfers, and withdrawals using only their phone. Used by over 5 million people, MB WAY has become an essential solution thanks to practical features like contactless payments via QR codes or NFC. "The key to our success lies in the relevance of use cases for consumers. By making digital payment simple and accessible in daily life, we strengthen local adoption and support the European ecosystem" explained Teresa MESQUITA, Operations Director at SIBS.
This strategy extends to the European level through the EuroPA (European Payments Alliance) initiative, an alliance linking three mobile payment solutions: MB WAY (Portugal), Bizum (Spain), and Bancomat Pay (Italy). This project aims to create a network of instant peer-to-peer transfers, offering a unified and connected solution for European consumers.
In this dynamic, the digital euro supported by the European Central Bank serves as a strategic lever to strengthen the resilience of the European financial system. Alexandre STERVINOU, Director of Retail Payment Policy and Supervision at the Banque de France, clarified that the digital euro aims to complement the existing ecosystem by offering a secure, interoperable, and privacy-respecting alternative. According to him: "The digital euro is not intended to replace existing payment solutions but to ensure consumer freedom of choice while protecting our economic independence."
