Decreasing Europe’s reliance on foreign payment schemes has been a key objective of regional legislators for some time. Indeed, the sovereignty of Europe’s payment systems – namely its reliance on international card schemes and a small number of non-European payment solutions and technologies – is one of the core issues in the European Central Bank’s retail payment strategy.
“A solution lies in combining instant payments with open banking to deliver a home-grown, pan-European payment method that poses a genuine threat to the card schemes,” says Todd Clyde, chief executive of Token.io.
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