Facing the dominance of international digital giants, the financial sovereignty of the continent has become a strategic issue. To meet this challenge, it is essential to develop innovative local solutions able to compete with global platforms. At the TRUSTECH 2024 event, leading experts from the Banque de France, EPI Company, SIBS, BNP Paribas, and Bconnect explored ways to strengthen European independence in the payments sector, addressing sovereignty challenges and ongoing strategic initiatives.

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.

Speakers talking about the European strategies of sovereignty in payment in the TRUSTECH Conference RoomTRUSTECH Pay Conference: Europe of Payments: What Strategies for Sovereignty?

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."

2 speakers sitting in front of attendees in the TRUSTECH conference room, talking about the European strategies of sovereignty in payment

Digital Sovereignty and European Identity

Beyond payments, the issue of digital identity is crucial for reinforcing European sovereignty. Initiatives are emerging, such as B.connect, a one-click authentication service launched by five major French banking groups: BNP Paribas, BPCE, Crédit Agricole S.A. and LCL, Crédit Mutuel, and Société Générale. "Sovereignty is not only about financial transactions but also about digital identity. By securing digital identity, we protect the entire European digital ecosystem" explained Pierre CHASSIGNEUX, CEO of BConnect. By using existing authentication tools from banks, BConnect aims to simplify access to online services while ensuring enhanced protection of personal data. This approach complements the development of sovereign payments by securing the identity of European users.
The strategies mentioned by various sector experts show that Europe has the resources and expertise to build an independent and innovative payment infrastructure. However, challenges remain, particularly the fragmentation of the European market and competition from international giants. To succeed in this transition towards a digital sovereignty, Europe will need not only to invest in innovation and consumer education but also to strengthen cooperation among member countries. The question remains open: Will Europe be able to meet this challenge and become a global leader in the payments sector?
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