Europe's Payment Predicament: A Call for Sovereignty at the Till
The prospect of Donald Trump cutting off Europe from international payment systems is no longer a distant threat. With up to 60% of Russian retail transactions reliant on Visa and Mastercard, the US has already demonstrated its ability to cripple an economy with sanctions. As Mr Trump's rhetoric suggests that America aims to "help Europe correct its current trajectory," it's clear that European policymakers must act to protect their financial sovereignty.
The solution lies in creating a "European payment system" akin to India's Unified Payments Interface (UPI), which has become the backbone of the country's digital payments infrastructure. Unlike Wero, a private sector wallet backed by EU banks, UPI is an open, decentralized public standard that allows multiple players to compete on top of it.
India's experience is instructive: in just a decade, the country has leapfrogged traditional payment systems and become one of the world's largest digital payments markets. The success of UPI lies in its near-zero fees, instant settlement, and widespread adoption among low-income households.
Creating a similar system within Europe would require a concerted effort from policymakers and industry leaders. However, the benefits are clear: strategic autonomy, reduced reliance on foreign-controlled payment networks, and enhanced resilience to sanctions.
As China continues to export its own payment ecosystem model, which locks partners into Beijing's authoritarian governance, it's more crucial than ever that Europe develops its own sovereign payment system. By emulating India's approach, policymakers can create a digital payments infrastructure that prioritizes state autonomy, transparency, and security.
In short, the European payment predicament demands action. As Ms Aurore Lalucq, chair of the European parliament's economic and monetary affairs committee, has astutely observed, "sovereignty starts at the till." It's time for Europe to take control of its financial destiny.
The prospect of Donald Trump cutting off Europe from international payment systems is no longer a distant threat. With up to 60% of Russian retail transactions reliant on Visa and Mastercard, the US has already demonstrated its ability to cripple an economy with sanctions. As Mr Trump's rhetoric suggests that America aims to "help Europe correct its current trajectory," it's clear that European policymakers must act to protect their financial sovereignty.
The solution lies in creating a "European payment system" akin to India's Unified Payments Interface (UPI), which has become the backbone of the country's digital payments infrastructure. Unlike Wero, a private sector wallet backed by EU banks, UPI is an open, decentralized public standard that allows multiple players to compete on top of it.
India's experience is instructive: in just a decade, the country has leapfrogged traditional payment systems and become one of the world's largest digital payments markets. The success of UPI lies in its near-zero fees, instant settlement, and widespread adoption among low-income households.
Creating a similar system within Europe would require a concerted effort from policymakers and industry leaders. However, the benefits are clear: strategic autonomy, reduced reliance on foreign-controlled payment networks, and enhanced resilience to sanctions.
As China continues to export its own payment ecosystem model, which locks partners into Beijing's authoritarian governance, it's more crucial than ever that Europe develops its own sovereign payment system. By emulating India's approach, policymakers can create a digital payments infrastructure that prioritizes state autonomy, transparency, and security.
In short, the European payment predicament demands action. As Ms Aurore Lalucq, chair of the European parliament's economic and monetary affairs committee, has astutely observed, "sovereignty starts at the till." It's time for Europe to take control of its financial destiny.
!!! I've been saying it for ages, we need our own payment system that doesn't rely on those big US companies. Think about it, if they can cripple Russia with sanctions, just imagine what would happen to us! We can't let them dictate how we pay and get paid 
. India's UPI is like a masterclass in digital payments, who knew? 
And China trying to export its own payment model? No thanks, we don't need that kind of control 
. Europe needs to step up and create our own system, it's time for financial sovereignty 
!
I think it's crazy that Europe is still relying on US payment systems 
. It's all about sovereignty at the till 
We need to stop worrying about what others think and focus on creating something that benefits us directly 
. China might be exporting their own payment ecosystem model, but we shouldn't have to take theirs 
. It's time for Europe to step up and create our own system that puts our financial future in our hands 
.
think it's super lazy that europe just copies india's upi model instead of innovating their own payment system... like, what if they try something new and it actually works? 
I'm getting anxious just thinking about Europe being held hostage by US payment systems. We can't let our economies be controlled like that 
I'm really worried about this whole payment predicament in Europe 
, it seems like we're playing into Trump's hands by relying on Visa and Mastercard so heavily 
. The way they've made digital payments accessible to everyone, even low-income households 
, it's a game-changer.
. It's all about taking control of our own destiny, right? 
We need to act fast before China tries to export their own authoritarian payment model 
.
I think it's a great idea for Europe to create its own payment system like India's UPI. I mean, we can't just rely on foreign systems and be at the mercy of other countries' sanctions and policies. It's all about having control over our own financial sovereignty 
!
we cant afford to be held hostage by one country's payment systems...and btw why didnt they make a european version of upi sooner?? 
. Creating a European payment system like India's UPI would be a great start! I mean, who wouldn't want to have control over their own financial destiny? 
. It's time for Europe to take charge of its own economy, rather than relying on foreign powers 
! We need sovereignty at the till 
and free from the US/China control 
! It's like Europe is missing out on the whole innovation train 
. We need EU policymakers and industry leaders to get together and make this happen 
! Sovereignty at the till, yo 
!
I'm worried about Europe getting caught up in this whole payment system debacle. They need to create their own version of India's UPI ASAP or risk being held hostage by the US and other powerful nations. A European payment system would give them more autonomy and flexibility, not to mention better security against sanctions. Let's hope they get a move on before it's too late! 
but seriously europe needs to step up their game and create something that doesnt rely on foreign powers. itd be way more secure and less prone to sanctions 
with trump talking smack about cutting us off from int'l payment systems... 60% of russian retail transactions rely on visa & mastercard already! 
we can't let trump dictate our financial fate 
sovereignty starts at the till, indeed! 