A group of 24 European banks planning to establish a rival card network to Visa and MasterCard have called on the European Commission to provide clarification over the level of multilateral interchange fees for the Single Euro Payments Area.
Fantastic and good luck. But how long before it becomes a Triopoly?
Other payments 'channels' are emerging all the time, but the underlying payment networks are long in the tooth and difficult to bypass or replace, so perhaps 'joining the party' is the best thing to stimulate competition.
Not technically tough but difficult because of the politics, logistics and general inertia.
Can anyone remember Europay?? Having multiple schemes (in Europe) is a nonsense - there should be a single European Cardscheme.
© Finextra Research 2013