The idea of creating a European Bizum for multiple countries is progressing. Several regional entities along with European instant payment platforms have announced a collaboration agreement to seek solutions that allow customers to make immediate and free transfers between 15 European countries.
The EuroPA Alliance (European Payments Alliance), represented by Bancomat, Bizum, MB WAY (SIBS), and Vipps MobilePay, and EPI Company (European Payments Initiative) have announced the start of their cooperation with the aim of exploring solutions to quickly address the challenge of European sovereignty in payment matters, especially regarding cross-border transactions.
This initiative, as reported by Bizum, aims to enable European citizens to send and receive payments seamlessly across the continent, benefiting both consumers and businesses. This agreement will initially cover 15 European countries, which together represent over 382 million inhabitants (84% of the population of the European Union and Norway), allowing them to continue using their preferred digital payment solutions both locally and throughout Europe, and providing a pathway for markets that do not yet have a solution.
The collaboration between EuroPA and EPI "is driven by a common interest in developing a joint solution that leverages the strong adoption and existing capabilities of each participant through interconnection," it states. The goal is to cover all use cases (peer-to-peer payments and commercial payments, both online and in-person) in the markets of the participating solutions. A study phase has been initiated, with conclusions expected by the end of this summer.
For both alliances, interconnecting existing solutions is a fast track to European sovereignty and independence, a shared objective of both the European Commission and the Eurosystem. "This approach, based on top-tier European solutions and diversity, will continue to drive innovation, convenience, and efficiency for consumers and businesses," the statement concludes.