Bancomat, Bizum, EPI, SIBS, and Vipps MobilePay have entered into a Memorandum of Understanding (MoU) to expedite the deployment of independent, pan-European payment solutions.
This MoU follows an announcement, indicating that the collaboration is poised to introduce optimized and secure payment methods across Europe, with the overarching goal of facilitating cross-border payments by 2027.
The agreement underscores a significant move towards enhancing European strategic autonomy in financial services. Given Europe’s current reliance on non-European companies for its payment infrastructure, this partnership aims to prove that European institutions have the necessary capabilities to rapidly deliver viable alternatives. The collaboration builds upon existing solutions by integrating them through a central hub designed to create a harmonized user experience across borders.
Fostering Sovereign Payment Solutions, Enhancing Consumer and Merchant Benefits
According to the official press release, the collaboration is intended to combine various solutions in order to enhance immediate benefits for both consumers and merchants operating across multiple European countries. At launch, the initiative will cover 13 nations, collectively accounting for approximately 72% of the EU population, including Norway.
The coalition remains open to all European countries, including Switzerland and other non-EUR markets. Countries with an existing domestic solution can join directly, while those without may adopt one of the already available options within the initiative.
With the successful completion of the feasibility phase, this MoU confirms that the solutions will transition into implementation by H1 2026. This initiative offers European consumers a broader reach with their current preferred payment solution while providing them with an experience consistent with what they are familiar with locally.
Furthermore, businesses and merchants will benefit from reduced dependency on international players through the adoption of a European service. The new initiative is expected to introduce a badge alongside existing brands, allowing consumers to identify where their preferred solutions will be accepted beyond current markets.
The central interoperability hub, operated by a future joint entity established by the partners, acts as a technical layer enabling secure and efficient transactions between both pan-European and national payment systems based on European standards, regulations, and infrastructures. Existing solutions are expected to remain unchanged, preserving their brands, user experience, and suite of benefits.
Progressing the Initiative
Following the MoU, the partners aim to establish the central interoperability entity by H1 2026. Technical implementation will commence simultaneously with proof-of-concepts (PoCs) being conducted in parallel. All use cases are intended to be covered by 2027 through a phased rollout. It is anticipated that P2P cross-border payments will be rolled out in 2026, followed by a focus on ecommerce and point-of-sale (POS) payments in 2027.
